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The transitional government embarked on a Staff-Monitored Program (SMP) in 2020 to help address major macroeconomic imbalances caused by decades of mismanagement, lay the groundwork for inclusive growth, and establish a track record of sound policies required for eventual HIPC debt relief. The economic challenges facing the authorities remain significant and have been exacerbated by the COVID-19 pandemic, but there have been improvements in both the domestic and external environment. Sudan has cleared its arrears to the World Bank and African Development Bank thereby regaining access to multilateral grant funding. A financing package for the clearance of arrears to the IMF has been identified, and on May 17, 2021 a development partner conference was held in Paris with a side event to promote investment in Sudan.
South Sudan is a very fragile post-conflict country, and one of the most vulnerable in the world to climate change effects. The spillovers from the fighting in Sudan have exacerbated an already dire humanitarian situation. Two-thirds of South Sudan’s population was exposed to acute food insecurity prior to the outbreak of the conflict in Sudan and the situation has worsened due to a large and growing number of refugees, and a sharp increase in fuel and food prices in the border areas with Sudan driven by trade disruptions. The Sudan war has also delayed the needed repair of the pipeline that transports South Sudan’s crude oil to international markets through Sudan. As a result, oil exports have since mid-February 2024 collapsed to about one-third of their previous level. This has increased significantly the fiscal financing and balance of payments gaps given that oil exports account for nearly 90 percent of fiscal revenues and 95 percent of exports. National elections, the first-ever since South Sudan’s independence in 2011, are scheduled for December 2024. However, due to delays in and operationalizing key election-related institutions development partners have expressed skepticism that free and fair elections will be feasible by the envisaged date.