ASSEMBLY PASSES IMF AND WORLD BANK BILL AMID MIXED FEELINGS ON THE RUSH FOR MEMBERSHIP

The National Legislative Assembly today passed the International Monetary Fund IMF and World Bank Group institutions bill 2011, that will make provision for the acceptance of South Sudan as a member to these international financial institutions.
Some Members of Parliament, however, demonstrated signs of uncertainty about the rush to join these institutions.
James Raet, chairperson of the Economy and Finance committee and presenter of the bill, told the assembly that the bill needed to be passed as soon as possible to enable the government access financial assistance and foster economic growth.
Veronica Koma, an MP from Eastern Equatoria State, argued that South Sudan receives enough oil revenue to run its own affairs and does not need credit yet.
Luka Monoja affirmed that un-exploited oil can not make a country rich, while schemes of exploiting oil can.
Some members claimed that the assembly needed time to study the IMF documents while others alleged that most IMF member countries end up heavily indebted.
David Nailo Mayo, an economist and MP from Eastern Equatoria, said South Sudan is so under-developed that it urgently needs grants and loans.
IMF is a public institution that runs its activities on taxpayers’ money from all over the world. South Sudan will become IMF 188th member if it is accepted to join.