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IMF drops $20.8 million to the New Direction Government

GOVERNMENT OF SIERRA LEONE MINISTRY OF FINANCE PRESS RELEASE The International Monetary Fund Approves Sierra Leone's Economic Performance Under the Extended Credit Facility Programme on 5th June 2023 The Ministry of Finance. in collaboration with the Bank of Sierra Leone and the National Revenue Authority, wish to inform the general public that the Executive Board of the International Monetary Fund has, on 5" June  2023, approved the Economic Performance Programme of the Government of Sierra Leone, which will trigger immediate disbursement of about US$20.8 million. It is worth noting that the global economy is currently facing challenges occasioned by unprecedented overlapping multiple crises severely impacting all countries' economic fabric. These crises have manifested into high inflation, depreciation of currencies, deteriorating external accounts, high-interest rates and rising debt levels and vulnerabilities.  The crisis has also wo

Concern has been expressed by Martin Micheal regarding the Finance Act 2023's 3% MAT.


Martin E. Michael LLB BL has expressed worry about the 3% MAT in the Finance Act 2023, which requires businesses to give the government 3% of their revenue if they generate less than 12% in net profit. He claims that the ruling didn't favor many domestic businesses. 

He went on to say that the business shouldn't be held accountable for any drastic measures it may take to pay the 3% tax imposed. And in reality, when businesses decide to raise prices, it will be the customers the majority of whom are unemployed and have financial difficulties who will struggle to pay the 3% tax.

The Mercury International, the top betting corporation, has launched a number of precious corporate social initiatives, including the building of the Girl School in Port Loko, according to the learned legal luminary who also leads the organization. They expressed their concerns about the 3% tax, he claimed, but the IMF mistrusted and disregarded them. 

Based on the aforementioned levy, prices for some goods and services have begun to increase as businesses hunt for any way necessary to collect the 3% tax.  


The 3% MAT in the Finance Act 2023 where companies will be forced to pay 3% of their turnover to Govt if they make less than 12% net profit of turnover does not so far look viable for many companies. No Company should be blamed for taking harsh decisions. We voiced our opinions before the Act was signed but the IMF ensured all opinions were treated with suspicion and contempt. Companies need to survive. Decisions they make will be based on their need to survive and not based on any other reason. Prices have already started going up. Rice is up by between 7000 to 10000 old leones and we have noticed increases on other products too as businesses try to find the 3%. Some companies may only be able to find the 3% by huge reduction in expenses as price rise does not mean increase in profits. With the dollar falling on a daily basis and a 3% tax on turnover, we are in for difficult days as harsh business decisions are made.



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