APC in US $722 M debt …

In three years of governance, the ruling APC is said to have incurred debt to the tune of hundreds of millions of dollars.

Sources say Sierra Leone under the APC has acquired a debt of US $722 million.

It is also disclosed that monies inherited in coffers of Sierra Leone’s account amounted to Le 500 or more billions.

It must be recollected that Sierra Leone during periods of the outgone SLPP, was wiped of its debt of US$ 1.7 million as at periods 2006-2007.

An organization referred to as the ‘Paris Club’ which is mandated to give debt waiver, is said to have done so upon reasons convincingly forwarded them by then Finance Minister John O. Benjamin.

Sources say the APC inherited greater than five hundred billion Leones in accounts owned by Sierra Leone government.

That it’s also inherited an economy that was debt free, and which according to findings, has been spent on infrastructural development nay incurring brand new debt of US$ 722 million and an empty account.

It is scary though that the old bank notes which evidently need not exist in banks in Sierra Leone, are said to be polluting vaults of commercial banks in an accelerating manner.

Unconfirmed report state that a Chinese company contracted to construct roads in Freetown, received payment of old bank notes (condemned) and converted same to dollars unrestrained.

An economist, who asked for his name not to be mentioned, says it is frightening that the foreign exchange rate may shoot up to a level that is unimaginable.

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