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HomeEntertainment and GossipMinister of Finance Explains The Current State of Sierra Leone’s Economy

Minister of Finance Explains The Current State of Sierra Leone’s Economy

Sierra Leone’s Minister of Finance, Sheku Ahmed Fantamadi Bangura, took the podium yesterday at the inaugural press conference of the Ministry of Information and Civic Education to provide a comprehensive overview of the current economic situation and present the details of a Supplementary Budget.

Minister Bangura emphasized that the purpose of the Supplementary Budget is to enhance revenue collection to support vital socio-economic initiatives aimed at advancing holistic development within the nation.

He highlighted that evolving economic circumstances, which deviated from the assumptions underlying the 2023 budget, prompted the need for an amended budget, subject to parliamentary endorsement.

Enumerating the key catalysts driving this Supplementary Budget, Minister Bangura cited achievements outlined in the President’s Big Five Changers Manifesto, the establishment of new governmental ministries, disbursement of funds from the International Monetary Fund (IMF), global disruptions caused by the Russia-Ukraine conflict impacting supply chains, and instabilities within the petroleum sector. These factors collectively led to a revised budget framework designed to address the prevalent challenges.

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