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17th January 2018

Sierra Leone Govt. Receives Millions of US Dollars from Foreign Bodies

By Press Release (01/08/16)

The Sierra Leone govt. has confirmed being a recent recipient of millions of United States dollars from many international organisations.

According to the press release dated 27th July 2016, the government of Sierra Leone announced the following: (Pictured: Dr. Samura Kamara, left, Sierra Leone's former Finance Minister).

"The general public is hereby informed that Government of Sierra Leone has received the sum of USD 34. 12 Million from the International Monetary Fund (IMF) following the approval of the Fifth Review of Sierra Leone’s Performance under the Extended Credit Facility Arrangement on July 1, 2016 and funds disbursed on July 11, 2016.

"Furthermore, the Government has also received the sum of USD 30 Million as Capital Gains Tax following the conclusion of the sale of Airtel Sierra Leone to Orange Group. Other expected disbursements include 23 Million Euros from the European Commission and USD 20 Million from the World Bank during the course of the years.

"These amounts will be made available to the private sector through the weekly Foreign Exchange Auction at the Bank of Sierra Leone.

"The Leone equivalent of these funds will be utilized to support the Government Budget, including continuing funding for the Government’s infrastructure program; including roads, energy and water and the payment of recurrent expenditures to support the operations of Ministries, Departments and Agencies (MDAs)."

The press release was signed by Dr. Patrick S. Conteh Minister of State Ministry of Finance and Economic Development.

 

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