JUBA — World Bank Country Manager for South Sudan, Firas Raad, on Wednesday stressed the need for investment to help in economic recovery.
Speaking during the launch of the economic memorandum in Juba on Wednesday, Raad said stressed the need to address the drivers of fragility, as well as end all forms of conflict to ensure peace and stability in all parts of the country as prerequisites for an inclusive economic recovery.
The Country Economic Memorandum is a World Bank Knowledge product that provides an assessment of the country’s drivers of growth and productivity.
“Getting South Sudan to realize its potential will require steps aimed at consolidating peace and strengthening institutions,” Raad said.
“Targeted reforms tailored at harnessing South Sudan’s rich natural capital for development impact as first-order prerequisites for inclusive economic recovery.”
Raad stated the need to improve oil sector governance by ensuring that all oil revenues and expenditures are on a budget and used effectively to achieve national development goals.
Joseph Mawejje, World Bank Country Economist for South Sudan said the bank’s latest report suggests a focus on the country’s use of its main endowments of natural capital-oil and arable land-is warranted in the early stages of recovery.
“Three messages emerge from this report. First, there is a peace dividend in South Sudan. South Sudan’s real GDP per capita in 2018 was estimated at one-third of the counterfactual estimated for a non-conflict scenario,” Joseph said.
Joeseph attributed fragility and economic stagnation a decade after independence to weak institutions and recurring cycles of violence
“Thus, maintaining peace can by itself be a strong driver of growth. Second, with better governance and accountability, South Sudan’s oil resources can drive transformation. Third, South Sudan’s chronic food insecurity could be reversed with targeted investments to improve the resilience of the agricultural sector.”
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