South Sudan Joins Macroeconomic and Financial Management Institute (MEFMI)

South Sudan Joins Macroeconomic and Financial Management Institute for Capacity Building

In a significant move towards enhancing economic and financial stability, South Sudan’s Ministry of Finance and the Bank of South Sudan have officially joined the Macroeconomic and Financial Management Institute (MEFMI) of Eastern and Southern Africa. The signing of the Memorandum of Understanding took place on Tuesday at the finance ministry in Juba.

MEFMI is an intergovernmental regional capacity-building organization that focuses on providing customized programs in areas such as Sovereign Debt, Macroeconomic, and Financial Sector Management to support its member countries. The membership in MEFMI is expected to bring numerous benefits to South Sudan, particularly in terms of capacity building in debt management, debt transparency, macroeconomic forecasting, reserve management, and development of financial sectors.

James Alic Garang, the Governor of the Bank of South Sudan, highlighted the importance of joining MEFMI, stating that it will help the finance ministry and the Central Bank in enhancing their capabilities in various crucial areas. He emphasized the need for South Sudan to tap into other financial markets beyond the foreign exchange market, such as the bond market and development of financial markets seen in other African countries.

Louis Austin Kasekende, the Executive Director for MEFMI, expressed their commitment to supporting South Sudan in building its capacity based on the country’s specific training needs. He mentioned that MEFMI offers a range of training programs, from foundation to advanced courses, to address the evolving challenges faced by central banks in today’s environment.

Agok Makur Kur, South Sudan’s Deputy Minister of Finance and Planning, emphasized the benefits of joining MEFMI in terms of capacity building and human resources development. He highlighted the potential for South Sudan to utilize its resources more effectively through training and capacity building provided by MEFMI.

South Sudan has pledged to immediately pay its membership fees to MEFMI, signaling its commitment to actively engage with the institute in enhancing its economic and financial management capabilities. The move is expected to contribute to the overall economic development and stability of South Sudan in the long run.