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President Bio assures IMF Chief of implementing prudent economic policies

HomeNewsPresident Bio assures IMF Chief of implementing prudent economic policies

President Bio assures IMF Chief of implementing prudent economic policies

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His Excellency President Dr. Julius Maada Bio has assured the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva of implementing prudent economic policies in Sierra Leone.

The president held a refreshing engagement with the Managing Director at their Headquarters in Washington, DC in the United States of America.

President Bio said: “During our meeting, I acknowledged the valuable relationship my Government enjoys with the IMF, and we appreciate the support provided during these turbulent times.

“I also reiterated my Government’s commitment to implementing prudent economic policies to safeguard macroeconomic stability and promote sustainable and inclusive growth. I look forward to a sustained partnership with the Fund as we implement people-centric policies anchored on our BIG FIVE agenda for sustained economic growth”.

On 5th June 2023, His Excellency told the IMF that he was impressed with the outcomes of their reviews, citing the disbursement of USD$20.7 million as a vote of confidence in the Sierra Leone People’s Party Government’s economic management measures.

“The economic management measures my government put in place early in my administration in 2018 won the confidence of the IMF and reinstated Sierra Leone in the Extended Credit Facility programme that made available USD$172.1 million to our nation,” he had said at the time.

The Fund stated in a press release dated 5 June 2023 that the programme was aimed at reducing inflation, so that the government could mobilise revenue to allow for necessary spending consistent with debt sustainability, safeguard financial stability, and maintain external resilience to shock.

“The economic recovery from successive external shocks was interrupted last year amid high energy and food prices in the context of Russia’s war in Ukraine, reduced household purchasing power and lower than expected mining output. The soaring cost of living contributed to rising levels of food insecurity”.

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