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Youth Commission to benefit from $12m loan agreement

Youth Commission to benefit from $12m loan agreement

Deputy Minister of Finance and Economic Development, Momodu Kargbo, this week informed Parliament that the established Youth Commission is to benefit from a $12m loan financing agreement supplemental and financing for the third Governance Reform and Growth Credit signed between the country and the International Development Association, which was laid before the House for ratification sometime in June this year.

While advancing reasons for the ratification of the Bill, the minister said that the motion he raised, calling on the law makers to ratify the Bill stems from the fact that the country’s international partners, including the International Monetary Fund , World Bank and other agencies have expressed sincere satisfaction in the way the Government is handling the economy of the country, adding that against this backdrop they have expressed their interest and willingness to come in to give more loan facility to the country for various development purposes.

He said despite the high inflation rate in the country, the economy is in good shape, noting that as a responsible government, they are doing everything possible to reduce inflation.

He continued that the entire loan package was $12m, emphasizing that $5m would be put aside for the Youth Commission, while the remaining $7m is a supplementary finance to support the growth of the economy.

According to the minister, even though the loan is granted at an interest rate of 1%, he was quite confident that the economy may grow by 5.7%. He went on to state that the loan agreement is good and straight and therefore urged the law makers to ratify it without delay.

The money allocated to the Youth Commission, the minister went on, will help ease the high rate of unemployment especially among the youths of the country.

In his contribution in favour ratification of the bill, the Chairman, Parliamentary Committee on Finance, Hon Dr. Moses Sesay said the country is now on the path to growth, stressing that as a nation “we have had our experience during the eleven years rebel war”. He said the country now needs a stable government to sustain the economic growth, that the country is relatively poor and to sustain economic growth is not an easy task.

He used the opportunity to appeal to international friends to help the country sustain the growth.

Hon. Eric Jumu, in his own contribution, said loans are liability to generation yet unborn, noting that youth unemployment is becoming a security threat.

Hon Eric Jumu said the effectiveness of a loan depends on its termination, while Hon. Foday Rado Yokie said no one in his right frame of mind would ever oppose or regret the loan agreement policy.  He said they as politicians must not think as political parties, but as patriots working in the interest of the people.

Yokie stressed that ratification of loan agreement is one satisfaction, but what worries him and the entire nation is the fact that the loaders will not release their money if the economy is not doing well, lamenting that the country is running a deficit financing because the country’s economy is not doing well.

He called on the government to adopt austerity measure so as to avoid over spending on large group of people making frequent over sea trips issue.

The loan agreement was unanimously ratified by the entire House.  

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