South Sudan, the world’s newest nation, joined the World Bank and the International Monetary Fund on Wednesday, becoming the sister institutions 188th member.
IMF chief Christine Lagarde welcomed South Sudan to the fund, saying “the IMF will do its best to assist the country in setting up the foundations for economic stability and growth in the period ahead.”
Finance Kosti Manibe Ngai signed the agreement papers with the IMF. The World Bank confirmed to AFP that South Sudan had joined the World Bank.
South Sudan, which gained independence from Sudan last July after two decades of war, applied for membership in the IMF and World Bank in April 2011.
The IMF is participating in a dedicated $11 million trust fund in support of South Sudan over the next four years.
“The European Union plans to come on board as a lead donor,” the fund said.