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International Monetary Fund. African Dept.
A 9-month Staff Monitored Program (SMP) combined with a disbursement under the Rapid Credit Facility (RCF) of 50 percent of quota (about US$174 million) was approved on March 30, 2021 to address BOP challenges and build a track record towards an upper credit tranche financial arrangement. This followed a disbursement under the RCF in November 2020 of 15 percent of quota (about US$52 million), which was the first-ever financial disbursement from the Fund to South Sudan. Progress has continued in implementing the revitalized peace agreement of 2018: following the formation of a unity government in February 2020 and the appointment of state governors in June 2020, the national parliament was sworn into office in August 2021. The humanitarian situation remains dire, with about 60 percent of the population facing high levels of acute food insecurity.
International Monetary Fund. African Dept.

) contributed to the preparation of this report. Contents CONTEXT RECENT DEVELOPMENTS POLICY DISCUSSIONS A. Macroeconomic Outlook and Risks B. Fiscal Policy C. Money Targeting Framework and FX Market Reforms D. Governance and Public Finance Management E. SMP Modalities and Preparations for a Potential ECF F. Capacity Development STAFF APPRAISAL TABLES 1. Selected Economic Indicators, 2019/20–2024/25 2a. Fiscal Operations of the Central Government 2017/18–2024/25 (in billions of South Sudanese pounds) 2b. Fiscal Operations of the Central

International Monetary Fund. African Dept.

(vi) conduct a cost-benefit analysis of replacing low denomination banknotes with coins (MEFP 1J21). E. SMP Modalities and Preparations for a Potential ECF 22. Staff proposes to set two prior actions for the completion of the first review of the SMP, to set quantitative targets (QTs) for end-October as a basis for the second review of the SMP (MEFP Table 1 ), and to extend the SMP to end-January 2022 . Prior actions for the first SMP review . Staff proposes to add two prior actions: (i) complete the audit of spending financed by the RCF disbursed in