By: Thaimu Bai Sesay
The Sierra Leonean Government, through the Ministry of Finance, announced on December 18, 2023, that the World Bank has sanctioned the disbursement of a $65 million grant in support of Sierra Leone’s developmental initiatives. The Ministry of Finance conveyed its pleasure in informing the public about the approval of the Third Inclusive and Sustainable Growth Development Policy Financing (DPF) by the World Bank Board Executive Directors.
The $65 million grant is designated to aid the Sierra Leonean Government in addressing key developmental challenges. The funds will be allocated to support reforms related to macroeconomic stability, mining sector governance, land management practices, gender equality, and public sector accountability.
The Ministry of Finance emphasized that the Development Policy Financing grant aims to rectify weaknesses in land management, mining, and public sector governance, while concurrently enhancing climate adaptation and resilience. The reforms supported by the program align with the World Bank’s crisis response framework, focusing on green, resilient, inclusive development, the Global Crisis Response Framework, and the Big Five priorities of the Sierra Leonean Government.
Additionally, the Ministry of Finance highlighted that the approved grant will contribute to stimulating growth in the areas of land management, mining, education, gender inclusiveness, and payment systems. It is anticipated that these reforms will lead to improvements in transparency, governance in procurement, and the efficiency of State-Owned Enterprises.
Assurances were given by the Ministry that this financial support will aid the government in meeting critical pro-poor expenditures in education, health, and other security payments. The grant is expected to be instrumental in enhancing public financial management, addressing budgetary challenges, and ensuring the efficient utilization of the country’s limited resources to improve the lives of its citizens.
The approval of this grant underscores the proactive and resilient nature of the current administration, demonstrating its commitment to delivering on the promises outlined in its Big Five manifesto for the people of Sierra Leone.