South Sudan joins World Bank, IMF

WASHINGTON: Oil-rich South Sudan, the world's newest nation and one of the least developed countries, has joined the World Bank Group and the International Monetary Fund.

The country's formal inclusion in the IMF and the World Bank Group took place yesterday after South Sudan Minister of Finance and Economic Planning Kosti Manibe Ngai signed the Articles of Agreement and Conventions here.

"Even before we became members, the World Bank has already been collaborating closely with us... So today we are very pleased that the formalities have finally been completed, and we look forward to a long-term partnership with the World Bank Group as we work together on the much-needed development of South Sudan," Ngai said.

South Sudan became the world's newest country on July 9, 2011, after decades of conflict.

It has some of the lowest education, health, and other human development results in the world, and more than half of the population lives below the poverty line.

The country, however, has rich agricultural and forestry potential, and significant oil reserves.

In addition to becoming a member of International Bank of Reconstruction and Development (IBRD), South Sudan joined the International Finance Corporation (IFC), International Development Association (IDA), the International Centre for Settlement of Investment Disputes (ICSID), and the Multilateral Investment Guarantee Agency (MIGA).