Sierra Leone to receive World Bank loan for economic stability efforts

Julius Maada Bio, President of Sierra Leone, addresses the 73rd session of the General Assembly at the United Nations in New York September 27, 2018. (Photo by TIMOTHY A. CLARY / AFP)

The government of Sierra Leone received almost $40 million in grant-aid as direct budget support from the World Bank, under the Bank’s Productivity and Transparency Support Grant Programme.

The much needed funds will help support the government in meeting critical pro-poor expenditures in education, health and other statutory payments as the economy struggles under the weight of low investment and low export revenue.

The funding was made possible as a result of the government’s accomplishments in fiscal consolidation and efforts to stabilise the economy.

Billions of Leones are being recovered from corrupt public officials to help pay for much needed public services.

The World Bank’s $40 million grant will help Sierra Leone’s implementation of policy reforms in agriculture, fisheries, energy, education, as well as strengthen the fight against corruption.

Whilst the grant-aid support will be well received by the people of Sierra Leone, there is a call for more to be done by respective ministers to get the tourism, fisheries, agro-processing, and other key sectors of the economy get off the ground to create much needed jobs.

Sierra leone’s inflation runs high at almost 18%. The value of the Leone which has fallen by over 15% in the last twelve months, requires a big push by boosting exports and curbing illegal currency racketeering.


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