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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
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Government of Sierra Leone signs memorandum of understanding with US MCC


Government of Sierra Leone Signs Aide Memoire with the US MCC

The Government of Sierra Leone, represented by the Ministers of Finance and Energy, on Tuesday, 2nd May 2023, signed an Aide Memoire with the US Millennium Challenge Corporation (MCC) in the presence of the United States Ambassador to Sierra Leone, David Reimer. 

The main objective of signing the MOU is for the MCC and Government to strengthen their collaboration to bring the compact development to a close with the expectation that the MCC will submit the proposed Compact Document to its Board of Directors for approval in September 2023. 

As stated in the MOU, the proposed Energy Compact would make foundational investments in Sierra Leone’s transmission network, including the construction of the Southern Corridor 225kV transmission line, the National Dispatch Centers, and possibly complementary projects at the sub-transmission level and substations on the 161kV line running from Bumbuna to Freetown. 

In his statement, the Minister of Finance, Sheku Fantamadi Bangura, expressed delight in accomplishing such a milestone in the compact development process, stating that this Aide Memoire is critical to the Compact development and the role that energy will play in unlocking private sector growth. 

Minister Bangura was also pleased that the team identified a pathway towards financial sustainability for the sector to provide more affordable and reliable electricity for households, businesses, and social institutions. 

The Minister of Finance reiterates the Government of Sierra Leone’s commitment to embarking on the reform path outlined in the Aide Memoire to ensure the successful development and implementation of the compact.

Minister of Energy Alhaji Kanja Sesay conveyed his delight in signing the Aide Memoire. He went on to state that the President, Dr Julius Maada Bio, is committed to providing reliable, sustainable and affordable electricity to the people of Sierra Leone. 
He also informed his audience that the reforms in the Aide Memoire speak to critical reforms to sustain investments in the energy sector. 

MCC Country Director for Sierra Leone, Steve Grudda, expressed appreciation for reaching this critical milestone at a remarkable pace. 

He further stated that the Next-Steps are the review and approval of the compact by the MCC management in June 2023, GoSL review of the draft compact in July and approval by the MCC board in September, and subsequent signing of the MCC Compact.

The coordinator of the Sierra Leone Compact Development Unit (SLCDU), Ndeye Koroma, Financial Secretary Sahr L. Jusu, who welcomed the MCC Delegation, staff of the US Embassy, MCC and the Ministries of Finance and Energy also witnessed the signing ceremony.

©️ MoF Communications

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