With international donor confidence having returned with the coming to power of the financially prudent Bio Government, the country’s principal financial support partner the International Monetary Fund is busy preparing its offices situated at the Sam Bangura Building of the Bank of Sierra Leone House on Gloucester Street ahead of its return to Sierra Leone in September.

In June, IMF stated that Sierra Leone’s economic activity has picked up since elections in March 2018. The Koroma government lost the recent elections, leaving massive debt and an almost empty public coffers for the incoming government of Julius Maada Bio.

The biggest budgetary problem facing President Bio is the decision of the IMF to freeze over $230 million loan facility it had signed with the former Koroma led APC government because of mismanagement and corruption. With a new government in power, the IMF is ready to resume business with the SLPP government.

In May, an IMF mission led by Mr. Brian Aitken visited Freetown for an eight days review aimed at assessing economic conditions in the country and to lay the basis for a follow-up mission that would see the signing of a new agreement with the SLPP government, based on a revised program.

The mission met with President Bio, Vice President Jalloh, Minister and Deputy Minister of Finance, Financial Secretary, Governor and Deputy Governor of Bank of Sierra Leone and senior government officials.

The IMF team and Sierra Leone authorities reached a common understanding on the key areas where additional progress will be needed, including a plan for financing the 2018-2019 budget; increasing accountability, transparency and oversight of ministries, departments and agencies; and advancing the legislative reform agenda in the areas of banking, public financial management, and revenue administration. Progress in these areas paves the way for IMF funding.