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IMF, South Sudan in Pact for Emergency Funds of $112.7 Mln

Sacs of corn are loaded onto trucks in the Sudanese Red Sea city of Port Sudan, as part of the US support for Sudan in the field of humanitarian aid, on November 20, 2022. (AFP)
Sacs of corn are loaded onto trucks in the Sudanese Red Sea city of Port Sudan, as part of the US support for Sudan in the field of humanitarian aid, on November 20, 2022. (AFP)
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IMF, South Sudan in Pact for Emergency Funds of $112.7 Mln

Sacs of corn are loaded onto trucks in the Sudanese Red Sea city of Port Sudan, as part of the US support for Sudan in the field of humanitarian aid, on November 20, 2022. (AFP)
Sacs of corn are loaded onto trucks in the Sudanese Red Sea city of Port Sudan, as part of the US support for Sudan in the field of humanitarian aid, on November 20, 2022. (AFP)

The International Monetary Fund and South Sudan have reached a staff-level agreement for the release of about $112.7 million in emergency financing, the fund said on Tuesday. 

"This emergency financing under the new Food Shock Window will help South Sudan address food insecurity, support social spending, and boost international reserves," the IMF said in a statement. 

The IMF's executive board will approve the financing in coming weeks, the fund said. 

In early-November, United Nations agencies said up to 7.8 million people in South Sudan, two-third of the population, may face severe food shortages during next year's April-to-July lean season due to floods, drought and conflict. 

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. 

South Sudan erupted into civil war shortly after getting independence from Sudan in 2011 and while a peace agreement signed four years ago is largely holding, the transitional government has been slow to unify various military factions. 

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Greece's 2024 Central Government Surplus Exceeds Target

A view of the port of the tiny Greek island of Kastellorizo, officially Megisti, the most southeastern inhabited Greek island in the Dodecanese. (AFP)
A view of the port of the tiny Greek island of Kastellorizo, officially Megisti, the most southeastern inhabited Greek island in the Dodecanese. (AFP)
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Greece's 2024 Central Government Surplus Exceeds Target

A view of the port of the tiny Greek island of Kastellorizo, officially Megisti, the most southeastern inhabited Greek island in the Dodecanese. (AFP)
A view of the port of the tiny Greek island of Kastellorizo, officially Megisti, the most southeastern inhabited Greek island in the Dodecanese. (AFP)

Greece's central government primary surplus reached 3.5% of its Gross Domestic Product (GDP) last year, well above the government's target, the outgoing finance minister said on Saturday.
The latest government estimate was for a primary surplus, which excludes debt-servicing costs, of 2.5% of GDP, Reuters reported.
Greece, which almost went bankrupt in the last decade, needs to achieve primary surpluses in coming years to keep its huge debt viable.
"In a month from now, when the final figures come out, you will see a primary surplus of about 3.5% of GDP, but also a fiscal surplus of 0.2%," said Kostis Haztzidakis, welcoming the new finance minister, Kyriakos Pierrakakis.
On Friday, Prime Minister Kyriakos Mitsotakis named new finance and transport ministers in a reshuffle designed to shore up support for his government after mass protests over a 2023 train crash.