Announcements

That the Executive Board of the International Monetary Fund (IMF) has approved the Economic Performance Programme of the Government of Sierra Leone (GoSL) with an immediate disbursement of about US$20.8 million in the midst of overlapping multiple crises in the world is a strong recognition and vote of confidence in His Excellency President Julius Maada Bio led SLPP Government’s commitment to restoring macroeconomic stability, long-term debt sustainability, and enhancing transparency and accountability in public funds.

The IMF recognition and vote of confidence in the SLPP Government that triggered the immediate disbursement of the US$20.8 million to Sierra Leone came as a big blow to members and supporters of the main opposition All People’s Congress (APC) whose only campaign message to the people is the high inflation and the depreciation of the Leone against the Dollar that has culminated in the increase in the prices of basic commodities.

They always refuse to understand that Sierra Leone continues to face significant economic challenges amplified by multiple shocks including the Russia’s war in Ukraine as stated by the IMF Deputy Managing Director and Acting Chair, Mr. Bo Li, who recognized that the President Bio led Government commitment to bolster tax revenues represents important steps towards tightening the fiscal stance while creating space for priority social spending.

Nearly a year to the 2018 national elections, IMF suspended the Economic Credit Facility (ECF) Arrangement because of its lack of confidence in the erstwhile President Ernest Bai Koroma led APC Government. Consequently, all other international financial institutions like the World Bank, European Union (EU) and the African Development Bank (AfDB) left the country ahead of the 2018 national elections.

This is the same political party that is crying down the Government for its handling of the country’s economy amidst unprecedented overlapping multiple crises severely impacting all countries’ economic fabric. Their refusal to accept the reality is the reason for their pointless campaign message to the public. But thank God IMF has exonerated the SLPP Government of the APC’s negative propaganda regarding the country’s economy.

What does the IMF’s approval of our economic programme mean to Sierra Leoneans? First, it will pave the way for other international financial institutions to scale up their support towards financing Government’s priority programmes. It is against this backdrop that the Government of President Bio is at an advanced stage in negotiating with the World Bank to disburse US$65 million in budget support this year, while the IMF’s approval will also lay the basis for the ongoing negotiations with the EU for the restoration of budget support for about 100 million EU for a period of four years.

Sierra Leoneans should also note that the Government’s sound economic programme with IMF will provide comfort for the negotiation of the US Millennium Challenge Corporation (MCC) Compact and signature by the end of this year.

By and large, IMF’s approval of the Economic Performance Programme of the GoSL which triggered the disbursement of the US$20.8 million means our economy is right on track, irrespective of the ongoing propaganda campaign by political detractors who did their worst during the last regime.