The Republic of South Sudan  has become the newest member of  the International Monetary Fund (IMF)  and World Bank Group. The admission of the country into the  global financial institutions was announced in separate statements  on Wednesday.

The statement by IMF said, “The Republic of South Sudan joined the International Monetary Fund (IMF) today when Finance and Economic Planning Minister Kosti Manibe Ngai signed the IMF’s Articles of Agreement at a ceremony in Washington D.C.

“I am happy to welcome the Republic of South Sudan, which today becomes our 188th member,” IMF Managing Director Christine Lagarde said.

“South Sudan faces enormous challenges, and the IMF will do its best to assist the country in setting up the foundations for economic stability and growth in the period ahead,” Ms. Lagarde underscored.