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Sierra Leone News: World Bank credits CRF with Le341bn

The World Bank recently approved a $40 million grant through its Second Productivity and Transparency Support Grant (PTSG-II). This grant has been processed and lodged into the Consolidated Revenue Fund (CRF) last Friday 5th April, 2019. The Executive Board of the World Bank approved this Support Programme on the 19th March 2019 followed by the signing of the financing agreement between the Minister of Finance and the Bank’s Country Manager on the 21st March, 2019.  According to a statement from the Ministry of Finance, the Government has received Le 341.6 billion of (US$ 39,670,774.19) into the CRF which is held at the Bank of Sierra Leone. The budgetary support is to strengthen the government’s financial sector stability by promoting sustainable and inclusive growth and build economic resilience. The grant seeks to go beyond leveraging increased productivity in the real sector, as it will also support the strengthening of economic and political governance, focused on improving government’s treasury management, procurement, promoting transparency in mining sector contracts, and building an effective asset disclosure system to fight corruption and promote public sector accountability. The PTSG-II will also support ongoing reforms to enhance macroeconomic stability, increase productivity in agriculture and fisheries while promoting transparency and accountability in selected government decision making processes. “The initial budget support amount from the World Bank was US$ 20 Million loan; but this was increased to US$ 40 Million (equivalent) and converted into a grant due to the impressive performance of Government” the Ministry of Finance said. This support will help Government to meet critical pro-poor expenditures in education, health and other statutory payments.

By Zainab Iyamide Joaque

Tuesday April 09, 2019.

 

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