World’s newest nation, South Sudan, is now a member of the World Bank and the International Monetary Fund (IMF) after the nation’s Minister of Finance and Economic Planning, Kosti Manibe, signed a treaty at the Washington-based Bank yesterday. Thus making South Sudan the 188th member of the IMF.

The country’s initial quota in the IMF is SDR123.0million (Aprox.$189.3million), which will make fund’s members’ quota amount to SDR238.12billion (approx.366.53billion).

South Sudan membership gives it access to low interest loan and technical advise.

Apart from joining the two apex economic institution, South Sudan is now a member of the Multilateral Investment Guarantee Agency (MIGA), International Development Association (IDA), International Finance Corporation (IFC), International Center for Settlement of Dispute (ICSID) and the International Bank of Reconstructon and Development (IBRD).

Although South Sudan has in the past suffered decades of war with over half of its population living in poverty, the country is rich in oil. It also has agricultural and forestry potential that is enviable among other nations.

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