S.Sudan Central Bank Governor on economic crisis, IMF financing & path forward

South Sudan, a country facing a multitude of challenges ranging from climate impact to war across the border, debt distress, drop in exports, extensions with the International Monetary Fund (IMF), and millions in multi-dimensional poverty, is strategizing on ways to tackle these issues. In a recent interview with CNBC Africa, James Alic Garang, the Central Bank Governor of South Sudan, shed light on the country's approach to overcoming these obstacles. During the IMF World Bank meetings in Washington, Governor Garang highlighted the progress made in securing a third share for Africa within the IMF, signaling a step towards greater representation in global financial institutions. While acknowledging the resilience of growth in sub-Saharan Africa and the decline in inflation, he emphasized the ongoing efforts to meet IMF benchmarks, particularly in oil transparency and governance. South Sudan's engagement with the IMF has shown promise, with satisfactory performance reviews and plans for structured programs to stabilize the macroeconomy and attract foreign investment. The country is diversifying its economy by prioritizing agriculture and exploring investment opportunities in sectors like fishing, timber, mineral exploration, and agriculture, aiming to enhance economic growth. Governor Garang also discussed the importance of policy reforms to boost productivity, attract capital, and address green economy and digitalization challenges. The conversation extended to global financial issues, with a focus on peace-building, debt sustainability, monetary policy communication, and the need to address vulnerabilities in the financial sector. Climate change emerged as a pivotal topic, with African nations advocating for more support from developed countries to transition towards a green economy. Despite the challenges posed by climate impact, South Sudan is committed to aligning with global efforts to combat money laundering and terror financing through collaboration with international bodies. As discussions continue on sustainable development and global financial stability, South Sudan remains hopeful of a path forward that prioritizes economic resilience, policy reforms, and international cooperation.