S/Leone Seeks World Bank, IMF Support

By Prince Jacob Macaulay

Sierra Leone has called on the World Bank Group, the International Monetary Fund (IMF) and development partners to increase financial and technical support to strengthen domestic revenue mobilisation, ease debt pressures, create jobs and promote sustainable economic growth.

The appeal was outlined in a statement titled “Global Support for Sierra Leone,” which focused on strengthening domestic revenue, restoring economic stability, creating jobs and building a resilient economy.

The statement highlighted the country’s economic challenges, including limited domestic revenue, high debt-servicing obligations, infrastructure deficits, rising business costs and vulnerability to global price shocks. These pressures, it noted, constrain the government’s ability to invest adequately in education, healthcare, agriculture, energy, water and employment.

While acknowledging progress in macroeconomic stabilisation, the statement stressed the need to complement economic reforms with targeted support for economic growth, livelihoods and essential public services.

It called for increased assistance to modernise tax administration through digital systems, improve taxpayer registration, reduce tax evasion and customs leakages, and strengthen revenue collection from mining, fisheries, telecommunications, property and other productive sectors.

The statement also urged greater transparency and accountability in mining contracts, royalties, licences and natural-resource revenues, while advocating a fairer tax system that protects low-income households, small traders, farmers and microenterprises.

On debt sustainability, it called for greater access to grants and concessional long-term financing, improved debt management and transparency, and constructive engagement with creditors to ease unsustainable debt-service pressures where appropriate.

It further emphasised the importance of predictable and timely disbursement of development assistance, arguing that financing should expand productive capacity rather than merely postpone fiscal challenges.

The statement identified six priority areas for stronger international support: agriculture and food security; energy and infrastructure; youth employment and private-sector development; education and healthcare; mining governance and economic diversification; and climate resilience and disaster preparedness.

In agriculture, it proposed increased investment in irrigation, improved seeds, mechanisation, storage facilities, rural roads, agricultural extension and agro-processing to boost food production, raise farmers’ incomes and reduce avoidable food imports.

It also called for support to improve electricity supply, expand renewable energy, develop transport infrastructure and increase access to clean water, noting that high energy and logistics costs continue to undermine productivity.

To address unemployment, the statement recommended expanding access to finance for small and medium-sized enterprises, strengthening vocational and technical training, promoting digital entrepreneurship and encouraging labour-intensive investment.

It stressed that spending on schools, teachers, healthcare facilities, essential medicines, maternal health, nutrition and skills development must be protected to ensure that fiscal reforms do not undermine the country’s long-term development prospects.

On natural resources, it called for stronger mining governance, transparent contracting, environmental protection, local employment and domestic value addition to reduce dependence on a narrow range of commodities.

The statement also advocated increased concessional climate financing for flood protection, coastal protection, resilient infrastructure, climate-smart agriculture and disaster-risk management.

As part of the proposed response, it recommended that the Government of Sierra Leone, the World Bank, the IMF and other development partners establish a coordinated fiscal recovery and economic transformation framework with clear and measurable objectives.

The proposed framework would include time-bound targets for improving revenue collection and tax compliance, reviewing tax exemptions and public expenditure, addressing government arrears, protecting essential social spending and expanding concessional financing for key development sectors.

It also called for stronger public financial management, independent oversight and regular publication of progress reports, with performance indicators covering revenue mobilisation, job creation, private investment, food production and improvements in essential services.

The statement acknowledged that international assistance must be matched by national responsibility, urging Sierra Leone to strengthen governance, tackle corruption, improve public procurement, reduce waste and ensure that public resources are used transparently and effectively.

However, it cautioned that countries with narrow revenue bases and substantial development needs could not meet all their obligations through expenditure cuts and domestic taxation alone.

In its appeal to the World Bank Group and the IMF, the statement highlighted three immediate priorities: strengthening fiscal capacity, expanding access to affordable development financing and ensuring that economic reforms protect essential services and create opportunities for young people and small businesses.

It also encouraged both institutions to work closely with Sierra Leonean institutions to develop a transparent financing and reform roadmap with clear milestones and public reporting.

The statement concluded that the success of international partnerships should be measured not simply by the number of programmes approved or the amount of financing announced, but by their impact on fair revenue collection, debt sustainability, productive investment, employment and citizens’ living standards.

It called for renewed international commitment to helping Sierra Leone transform its economic vulnerabilities into productive capacity, its natural resources into shared prosperity and its development potential into tangible benefits for its people.