South Sudan becomes IMF's 188th member country Reuters Washington, 18/4/2012 – The International Monetary Fund said on Wednesday South Sudan had become the institution's 188th member country, giving it access to IMF loans and technical assistance. "South Sudan faces enormous challenges, and the IMF will do its best to assist the country in setting up the foundations for economic stability and growth in the period ahead," IMF Managing Director Christine Lagarde said in a statement. The IMF said it was providing technical help and training for South Sudan government officials. It was also coordinating with donors on a trust fund to help the country. Oil makes up 98 percent of state revenues in South Sudan, one of the world's least developed countries. “I am happy to welcome the Republic of South Sudan, which today becomes our 188th member,” said IMF Managing Director Christine Lagarde said. The Fund is coordinating with donors and technical assistance providers to support South Sudan through a dedicated trust fund for capacity building of about US$11 million over the next four years, and to which the European Union plans to come on board as a lead donor. South Sudan’s initial quota [1] in the IMF is SDR 123.0 million (about US$189.3 million). With the inclusion of South Sudan, IMF members’ quotas amount to SDR 238.12 billion (about US$ 366.53 billion).
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