By JULIUS BARIGABA
South Sudan is under pressure from the IMF to disclose oil production agreements to improve credibility with donors and access financing. The IMF Country Report No. 24/160 urges reforms including transparency in oil revenue and spending and anti-corruption measures. Despite opposition from oil companies, South Sudan needs to meet these requirements to stabilize its economy.
The PMB program aims to support macroeconomic stability and governance reforms, with an extension requested to implement structural changes. The collapse in oil exports has adversely impacted South Sudan’s economy, leading to foreign exchange shortages and vulnerability to external shocks. The country’s oil sector agreements, including a recent deal with South Africa, aim to boost production and revenue.
The humanitarian crisis in South Sudan, exacerbated by conflicts and environmental challenges, highlights the urgent need for economic stability and sustainable development in the region.