06/06/2023
The Kind of news every serious-minded Sierra Leonean want to hear.
Congratulations H.E Bio and the people of Sierra Leone.
First Lady Fatima Maada Bio
H.E. Julius Maada Bio
Myk Berewa
MORE FIVE YEARS ✋
Copied: From Dr Sylvia Olayinka Blyden OOR in London:
‼️‼️🎉👏😍🇸🇱
Congratulations to the People of Sierra Leone and to our current Government to have successfully convinced the International Monetary Fund (IMF) today June 5th 2023 to immediately release over 20 Million Dollars CASH to help the country's current financial situation.
Coming on the eve of such a critical elections now looming, it must be so heartwarming to read some of the words from the IMF as just announced in Washington DC tonight.
‼️‼️ HOWEVER, tonight's release is easily one of the longest ever Press Releases on Sierra Leone that I have ever read from the IMF. *I have read quite a few since the nineties when my late Mum as the Deputy Finance Secretary, served as the principal IMF liaison at Finance Ministry.* 😊😀
Tonight's release is very long because the IMF has taken its time to not just praise the Government but to also caution and advise Sierra Leone on various economic issues such as what would be the stimulus and the setbacks to the Economy in the months to come.
The IMF, in the statement, clearly sympathizes with the current Maada Bio Government over the effects of the Ukraine and Russia war which IMF blames for adding to the woes which the global COVID outbreak had earlier wrought on Sierra Leone's Economy.
What the IMF has said tonight is that IMF still has confidence and a lot of FAITH in how the Maada Bio Government has been running the country's Economy despite the global challenges. The IMF says the Government is still able to meet structural challenges agreed with the IMF. Hence the release of the immediate 20 Million Dollars tonight.
On the other hand, one may still argue that the underlying structural challenges are still there and that the Government is only appeasing the IMF at detriment at the suffering masses. One of the structural benchmarks met by the Government is the Finance Act 2023 which some claim is not investment and business friendly.
Overall and in my personal opinion, the IMF Statement tonight is good for the country and the Maada Bio government as a solid Stamp of Confidence by the IMF. Congratulations to them.
You can read the lengthy words from the IMF Board at the link below:
The Executive Board of the International Monetary Fund (IMF) completed the Sixth and Seventh Reviews of Sierra Leone’s Extended Credit Facility (ECF) arrangement, and approved the authorities’ request for a rephasing, and extension of the ECF Arrangement by five months to November 29, 2023. The ...