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World Bank Props Sierra Leone Fiscal Policy with SDR 7,900,000

World Bank Props Sierra Leone Fiscal Policy with SDR 7,900,000

One of the most trusted and highly respected multi-lateral economic institutions in the world, the “World Bank Group” has lend its support to the President Ernest Bai Koroma led All People’s Congress (APC) Government with a credit in an amount equivalent to SDR7,900,000 .  (Photo: L- Deputy Chief of Mission Amr. I.S. Conteh,Center – Ambassador Bockari Kortu Stevens signing the document R- World Bank’s  Aleksandra Kocevski

Sierra Leone’s Ambassador accredited to the United States of America, His Excellency Bockari Kortu Stevens on behalf of the Government of Sierra Leone, signed the recommendation of the statutory committee today Thursday October 31st at the Chancery at 1701 19th Street, NW, Washington DC USA.

According to the documents, “the undersigned Committee constituted under section 1(d) of Article V of the Articles of agreement of the International Development Association (hereby submits its recommendation pursuant to said section in respect of the proposal that the association extend to the Republic of Sierra Leone a credit in an amount equivalent to SDR 7,900,000.” Adding, “The purpose of the said credit is to improve budget planning and credibility, financial control, accountability and oversight in government finances in the recipient’s territory.”

According to document, the Committee has carefully studied the merits of the proposal to extend such a financing, and of the purpose to which the proceeds of the financing are to be applied.

“The committee is of the opinion that the project toward the financing of which the proceeds of such financing are to be applied comes within the purposes of the Association as set forth in Article 1 of said Articles of agreement, and that said project is designed to promote the economic development of the Republic of Sierra Leone and is of high development priority in the light of the needs of the Republic of Sierra Leone.”

Accordingly, the Committee finds that said project merits financial assistance from the Association and hereby recommends said project for such assistance.

Reacting, Ambassador Stevens thanked the World Bank through its operations officer   Aleksandra Kocevski of the World Bank Financial Management Unit and described the relationship between the World Bank and Sierra Leone as “excellent”.

He said the loan reflects the barometer of excellent Policies that (we) government has put in place for the management of our economy.

He expressed optimism for continuity and assured the World Bank official of judicious use of the money.

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