The International Monetary Fund, IMF, and South Sudan have reached a staff-level agreement for the release of about $112.7 million in emergency financing.
It is expected that this emergency financing under the new Food Shock Window will help South Sudan address food insecurity, support social spending, and boost international reserves, according to a statement made available by the IMF on Tuesday.
The financing is in line to get approval from the IMF’s executive board in the coming weeks, the fund said in the statement.
United Nations agencies earlier this month said up to 7.8 million people in South Sudan, two-thirds of the population, may face severe food shortages during next year’s April-to-July lean season due to floods, drought and conflict.
But on Tuesday, the IMF put the number of people experiencing severe food insecurity at an estimated 8.3 million.
“The combination of continued localized conflict, four consecutive years of severe flooding, and the rising price of staple commodities from Russia’s war in Ukraine has increased the number of people experiencing severe food insecurity,” it said.
