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IMF Rep Put SLPP Government To Shame

IMF Rep Put SLPP Government To Shame

According to the International Monetary Fund [IMF], last year, the average growth rate for sub-Saharan countries was three percent; Zimbabwe grows by two percent while Sierra Leone grows by three point five percent.

This year, IMF stated, new investments are coming onboard on agriculture and mentioned that two iron mines have resumed production. The report further stated that there are lots of challenges on the finance as a result of the huge debts overhanging. The report revealed that there was no iron Ore production last year but they are expecting more production of Iron Ore this year adding that a team of IMF visited Sierra Leone to assess performance on the Extended Credit Facility (ECF).

On the structural aspect, IMF said there is still need for improvement on legislation and revenue generation adding that there were some of the programs targeted but did not met by Government. The IMF suggested for Government to reform the whole expenditure framework and have a more transparent way of implementing programs.

On the reserve, IMF said it is important for the Government to accumulate more reserve because before foreign investors went to invest in a country, they want to see how much reserve the country might have. The findings disclosed that Sierra Leone has now have three point two months import of reserve adding that investors wanted to see three months of import reserve which Sierra Leone has already exceeded. IMF further stated that the outgrowth for this year is good for Sierra Leone

By Abdulai Mento Kamara

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