Press Release No. 11/292

Press Release No. 11/292
July 25, 2011

The International Monetary Fund made the following statement today on South Sudan:

Reflecting the views of the international community on this matter, it was determined that South Sudan has seceded from Sudan as a new, independent country and that Sudan is the continuing country following South Sudan’s declaration of independence on July 9, 2011.

Accordingly, Sudan continues its membership in the International Monetary Fund (IMF) and retains all of its quota in the IMF, and all assets in, and liabilities to, the IMF. South Sudan has become a nonmember country. South Sudan applied for membership in the IMF in April 2011 when the IMF initiated procedures for membership.

In view of South Sudan’s nonmember country status, the IMF Executive Board approved the authorities’ request for technical assistance and training. The IMF has engaged with South Sudan over the last years, initially in the context of overall technical assistance provided to Sudan and, more recently, to South Sudan specifically with the consent of Sudan.

The IMF will continue this engagement by providing technical assistance and training in the areas of macroeconomic, fiscal, monetary and financial policies, and related statistical fields. The IMF will also be providing assistance in view of strengthening the legal and administrative framework in these core areas and in relation to South Sudan’s application for Fund membership. This will include the stationing of a Fund staff member as Resident Advisor to South Sudan.

The IMF is also in the process of seeking donor contributions to a special Trust Fund for IMF Macroeconomic Capacity Building for South Sudan to further intensify its technical assistance toward building the new country’s macroeconomic institutions.