IMF Staff Country Reports

Republic of South Sudan: Third Review Under the Staff-Monitored Program with Board Involvement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of South Sudan

December 5, 2024

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International Monetary Fund. African Dept. "Republic of South Sudan: Third Review Under the Staff-Monitored Program with Board Involvement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of South Sudan", IMF Staff Country Reports 2024, 327 (2024), accessed January 11, 2025, https://doi.org/10.5089/9798400294587.002

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Summary

Spillovers from the war in Sudan have worsened South Sudan’s macroeconomic imbalances and exacerbated an already-dire humanitarian situation. A pipeline carrying 70 percent of South Sudan’s oil production through Sudan has been inoperable since February 2024 and repairs have taken longer than expected owing to restricted access to the concerned areas. This has caused a sharp drop in economic growth, exports, fiscal revenue, and FX inflows and led to difficult policy challenges including high inflation, rapid parallel market exchange rate (ER) depreciation, and budget financing constraints. To cope with the shock, the authorities incurred salary arrears and monetary financing, in the face of limited alternative financing, as well as delaying the official ER adjustment. Nearly two-thirds of South Sudan’s population was exposed to acute food insecurity prior to the Sudan conflict and the situation has worsened due to floodings and a growing number of refugees. The national unity government which has been in place since 2018, consistent with the peace treaty, recently announced that the elections initially planned for December 22, 2024 have been postponed by two years. Program review.

Subject: Central Banks, Foreign exchange, Oil production, Oil, gas and mining taxes, Production, Quasi-fiscal operations, Revenue administration, Taxes

Keywords: Gas and mining taxes, Authorities' priority, Authorities view, Global, Government operation, Oil, Oil production, Quasi-fiscal operations, Reform agenda, VAT regime

Publication Details

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