South Sudan Faces Hurdles as World's Newest Country International Monetary Fund

18.07.11

Ince the Comprehensive Peace Agreement in 2005, South Sudan has set out to build an economy almost from scratch, creating economic institutions and working toward establishing an environment conducive to growth and stability.

After decades at war, South Sudan faces considerable difficulties. With a population of about 8 million, the country covers a land area nearly as large as France, but has only 100 kilometers of paved roads. One of least developed nations in the world, South Sudan lags the rest of sub-Saharan Africa on most of the U.N.’s Millennium Development Goals, with half its population living below the poverty line (see Table 1).

“South Sudan’s challenges are formidable,” says Kristina Kostial, the IMF’s mission chief for the country. “Much has been done since 2005, and achieving independence on July 9 was a very important step, but the South Sudanese still have a long road ahead of them.”

The new country has untapped potential, Kostial says. There are large livestock, fishery, and forestry resources, which—together with adequate rainfall, fertile land, and available water—could hold promise for labor-intensive agricultural exports. Developing agriculture in South Sudan could reduce the country’s dependence on oil, which currently accounts for 98 percent of the government’s revenue. And revenue from oil provides an opportunity to invest in social and infrastructure development and set aside savings for the future.

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