Intl Dev Assoc recommends Sierra Leone for SDR 16,700,000 grant
The International Development Association (a wing of the World Bank) has rated Sierra Leone high in its ranking for the country’s sober and operative fiscal control policy, and submitted to Sierra Leone’s Ambassador to the United States of America, His Excellency Bockarie Kortu Stevens, its recommendations in respect of the Association’s intention to extend to the Republic of Sierra Leone (the recipient) a grant (financing) in an amount in various currencies equivalent to SDR 16,700,000. (Photo: H.E Bockarie Stevens handing back the document to Ag Head of Chancery Saspo Sankoh for IDA after signing on behalf of the Sierra Leone Government)
SDR (Special Drawing Rights) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary fund. It is not a currency but it represents a claim to currency (Euros, Japanese yen, UK pounds or US dollars) held by IMF member countries for which they may be exchanged.
According to the International Development Association, the Grant is geared towards strengthening the Country’s capacity to manage decentralized services, improve the availability and predictability of funding for local Councils and also to strengthen the recipient’s inter–governmental fiscal transfer system.
Accordingly, “the committee has carefully studied the merits of the proposal to extend such financing and the purpose for which the proceeds of the financing are to be applied.
The committee is of the opinion, that the project comes within the purposes of the Association and it is designed to promote the economic development of Sierra Leone with high developmental priority in the light of the needs of the Country.
On October 9, 2010, African Finance Ministers including Sierra Leone’s Dr. Samura Kamara called for a robust replenishment of the International Development Association (IDA), the World Bank’s fund which provides interest-free funding (known as credits) and grants to the world’s 79 poorest countries, 39 of them inAfrica.
According to them, contributions by 45 donor countries accounted for 60 percent of the current IDA (known as IDA-15) envelope, which holds US$41.6 billion.
Speaking at a press conference on behalf of African delegations to that year’s Annual Meeting the World Bank and International Monetary Fund (IMF), Mr. Kenyatta and finance ministers from the Central African Republic (CAR), Comoros and Sierra Leone, echoed each other.
“The challenge now is to get together and convince the advanced countries to put more money into IDA as that is our window of opportunity,” said Samura Kamara, minister of finance for Sierra Leone, who is also chair of the African Caucus of Governors of the World Bank and IMF.
The IDA was established in 1960, to help the world’s poorest countries reduce poverty through the provision of interest-free credits and grants for programs that boost economic growth, reduce inequalities and improve people’s living conditions.
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