JUBA, May 21 (Xinhua) -- South Sudan on Tuesday signed a memorandum of understanding to officially join the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI).
The MEFMI is an intergovernmental regional organization that designs and delivers customized capacity-building programs to client institutions in priority areas of sovereign debt as well as macroeconomic and financial sector management to support economic and financial stability in its member countries.
James Alic Garang, governor of the Bank of South Sudan, said membership in the MEFMI will benefit the finance ministry in terms of capacity building in debt management, debt transparency, debt reporting, and debt recording. It will also benefit the central bank in terms of macroeconomic forecasting and reserve management, which are essential for the country.
"In this country, we depend so much on a narrow market, and that is the foreign exchange market, but there are other markets that we have not developed, the bond market and the development of financial markets that we see in Zambia, Kenya, South Africa, Egypt, Ghana and other places, this is an area that we as a country need to tap into," Garang said in Juba, South Sudan's capital.
He said the MEFMI will also help South Sudan tap into the development of other financial sectors that remained untapped.
