Financial institution of South Sudan Launches $18 Million 5-12 months Mission to Strengthen Financial system – Catholic Radio Community for South Sudan and Nuba Mountains

By Ginaba Lino

The Central Financial institution of South Sudan (BoSS) has formally launched a five-year undertaking geared toward strengthening the nation’s monetary sector, with a complete funding of $18 million. The initiative, titled “Strengthening South Sudan’s Monetary Sector” (3SF), seeks to reinforce the institutional and supervisory capability of BoSS whereas modernizing core monetary sector infrastructure, together with the banking system.

Through the launch ceremony, Dr. James Alic Garang, Governor of the Central Financial institution, highlighted the undertaking’s significance in modernizing the nation’s monetary system and emphasised the Financial institution’s dedication to making sure its profitable implementation.

“It’s a fantastic honor to launch the Strengthening South Sudan’s Monetary Sector (3SF) undertaking. This initiative displays our deep dedication to modernizing the Financial institution of South Sudan and bolstering the nation’s monetary sector. We imagine that this undertaking will allow us to exert all efforts to attain these objectives, each in letter and spirit.”

Dr. Alic additionally known as on the undertaking crew to collaborate intently, making certain that the imaginative and prescient for the monetary sector reform is realized. He additional reaffirmed the Financial institution’s dedication to efficiently implementing the undertaking.

“To take this undertaking to higher heights, I name on all crew members concerned to proceed working collectively. On behalf of the Financial institution, I reaffirm our dedication to totally implementing the 3SF undertaking, making certain that it meets its goals.”

He prolonged a name for assist to the Ministry of Finance, the World Financial institution, and different key stakeholders, highlighting their roles in making the undertaking a hit.

Representing the World Financial institution, Maryam Salim, Nation Director for South Sudan, Sudan, and Ethiopia, famous that this undertaking marks a major milestone within the World Financial institution’s efforts to foster long-term financial growth and stability in South Sudan. She emphasised that the undertaking represents a shift within the World Financial institution’s portfolio from addressing quick must specializing in sustainable development.

“This initiative displays a pivotal second in our ongoing dedication to assist South Sudan’s financial growth. We are actually shifting from addressing quick must a long-term growth strategy. A well-functioning monetary sector is crucial for the wellbeing of any nation, and this undertaking is a important step in that path.”

Whereas praising the initiative, Salim acknowledged the challenges BoSS faces in assembly the nation’s monetary wants however assured that the World Financial institution would proceed to offer assist all through the undertaking’s implementation.

“This gained’t be a simple job, however the World Financial institution crew will probably be with you each step of the way in which to make sure the undertaking achieves its objectives. By working along with our companions and stakeholders, I’m assured that we’ll meet the monetary sector’s wants.”

Talking on behalf of the Ministry of Finance, Deputy Minister Agok Makur expressed gratitude to the World Financial institution for its continued assist throughout numerous sectors, together with humanitarian help and agriculture. He reiterated the Ministry’s dedication to collaborating with BoSS in addressing the monetary challenges going through the nation.

“Because the Ministry of Finance, we admire the World Financial institution’s cooperation, notably in capability constructing, to strengthen the 3SF undertaking. We’re absolutely dedicated to working intently with BoSS to deal with the monetary challenges the nation is going through and make sure the success of this initiative.”

The undertaking, which was accepted on twenty eighth September 2023 and signed on 1st December 2023, will formally be in impact from twenty eighth February 2024 till twenty seventh September 2028. By means of this initiative, South Sudan goals to construct a stronger, extra resilient monetary sector to assist long-term financial stability and development.