May 21, 2021
By Mohamed M. Sesay
President Bio has assured Members of Parliament that his government will support agriculture financing with the sum of $50 million credit facility. The proposed support entails e-vouchers for input and mechanization services, extension services, and pre-positioned machine rings available to private sector and smallholder Farmers across the country.
Making this disclosure in the chambers of parliament, the president further intimated that the $54 million investment in rice cultivation in the Rhombe swamps by Agroelite llc, and an additional $30 million secured from the Exim bank to develop the water management and irrigation infrastructure to support rice cultivation around Tormabum, are already underway.
“Consistent with the national agricultural transformation programme, my government remains committed to implementing programmes and activities to boost rice self-sufficiency, crop diversification, livestock development, and sustainable forest and biodiversity management”, bio assured.
He also added that his government will provide higher seed quality to achieve higher yields, establish new plantations of cash crops, and undertake comprehensive soil surveys to determine what crop type or livestock is best suited and what soil management techniques farmers may need.
In the area of the economy, monetary policy, and trade, president bio observed that like all other countries globally, he said Sierra Leone’s economy has been adversely affected by the impact of the covid-19 pandemic. Notwithstanding that, president bio appraised his government, through the ministry of finance for the continuous implementation of sound economic policies and public financial management reforms that are geared towards maintaining a stable economy and responding to the financial and socio-economic shocks brought about by the pandemic.
He affirmed that his government will continue to implement prudent public financial management policies that are focused on enhancing domestic revenue mobilization, rationalizing, expenditures, working towards single digit inflation, maintaining sustainable debt levels, a stable exchange rate, and increasing reserves to support inclusive growth.
He added that his government created a le500 billion special credit facility to support the production, importation, and distribution of essential commodities. Adding that, the national revenue authority also deferred taxes due on the importation of essential commodities, especially for rice, fuel, and other health supplies.
Bio also reaffirmed that his government is implementing the national micro-finance programme (munafa fund) to provide finance to targeted small medium enterprises (smes) and also the provision of free cash transfers to over a hundred thousand poor and vulnerable families and informal sector workers.
He said government also provided over le19 billion in critical financial support for parastatals most affected by the pandemic including the Sierra Leone airports authority, Sierra Leone civil aviation authority, Sierra Leone road Transport Corporation, and the Sierra Leone postal services.