Press Release No. 11/472

Press Release: Statement by IMF Managing Director Christine Lagarde Following a Meeting with South Sudan’s President Salva Kiir Mayardit

December 16, 2011

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement after a meeting with H.E. Salva Kiir Mayardit, President of the Republic of South Sudan, in Washington today:

“It was a pleasure to meet President Kiir and his delegation at the IMF headquarters. South Sudan, as the world newest country, has great potential to realize the dreams and aspirations of its people. We are hopeful that this new beginning will bring peace and prosperity for the people of South Sudan.

“South Sudan faces formidable challenges, including ensuring economic stability, building institutions to support sustained growth and managing oil revenue wisely. In this context, we are encouraged by various institutional and legislative steps under way regarding the central bank, public financial management, and the oil sector amongst others.

“I have assured President Salva Kiir that the IMF will be at South Sudan’s side to assist the country meet the above challenges through frequent policy dialogue and technical assistance.

"In recent months, the IMF has been providing technical support and training on tax and customs administration, public financial management, oil revenue and foreign reserves management, central banking and financial supervision, as well as macroeconomic statistics. Together with the authorities and donors, we are working on a 3-year program of dedicated technical assistance.

“The process of membership of South Sudan at the IMF is at an advanced stage. South Sudan has applied for membership earlier this year (Press Release No. 11/145) and I look forward to South Sudan becoming the Fund’s 188^th member in early 2012,” Ms Lagarde said.