Dr Montfort Mlachila, the Deputy Director of the African Department at the International Monetary Fund (IMF), joined his colleagues from the IMF who are on a week mission in Sierra Leone to discuss outstanding issues and challenges in the just concluded programme and preliminary discussions on the development of a succession programme with the fund.
During his visit from 14th to 16th February 2024, the Deputy Director held discussions with the Minister of Finance, the Governor of the Bank of Sierra Leone and the National Revenue Authority to discuss several issues around the last programme, the current state of the economy and how the new programme can support the government to improve on macroeconomic fundamentals.
During a courtesy meeting with the Minister of Finance, he congratulated the government on the successful implementation of the ECF programme.
He further stated that the government demonstrated a serious commitment to addressing the economic issues.
The Deputy Director, however, cautioned that the situation is still challenging even though inflation is slowly going down; the current debt situation is making it challenging to create the needed space for social spending, he added.
He called on the government to pay more attention to budget credibility, deficit, and strict implementation of PFM rules, especially in addressing shocks.
Minister of Finance Sheku Ahmed Fantamadi Bangura thanked the Deputy Director for acknowledging the government’s commitment to the programme by stating that the reforms align with the government’s aspirations.
He also stated that under tight conditions, the government is working extremely hard to consolidate the fiscal by putting a lot of discretionary spending on hold.
The Minister also informed him of the implications of the recent security situation in the country on government expenditure and revenue mobilisation.
The Minister called on the IMF to provide technical support to thoroughly examine the current debt situation and reverse the trend.
In a cocktail organised in honour of the Deputy Director, the Governor of the Bank of Sierra Leone, Dr Ibrahim Stevens, assured him that the government is equally interested in the issues during the discussions.
He admonished the IMF team to consider the intentions and commitment of the government to deliver on the transformation of macroeconomic stability, thereby improving the living conditions of the people of Sierra Leone.