Salone News

Sierra Leone: IMF presents current picture of economy

15 June 2018 at 06:58 | 3659 views


An International Monetary Fund ( IMF) delegation recently visited Sierra Leone from June 4 to 12, 2018.

The main purpose of the mission, according to official sources, was to conduct an assessment of the economy inherited by President Bio’s government.

At the end of the visit, the IMF commended the Sierra Leone government for the efforts taken so far to restore economic stability and discipline .

On the stock take, IMF discovered that the economy is facing several challenges with over 10.7 trillion Leones of arrears owed to contractors, a budget deficit of over 1.8 trillion, a GDP rate as low as 3.2% compared to the projected 6.3% and inflation at the upper double digit of 15%.

Domestic and external debt as at March was over 2.0 billion dollars. Put together, the arrears plus public debt are almost 88% of Sierra Leone’s GDP..

President Julius Maada Bio (seen in photo with some of the IMF officials) reassured the visiting team of his commitment to discipline and efficient management of the economy. He also promised to increase revenue mobilization and streamline expenditure.