World Bank approved 7 mln dollars for Sierra Leone

07:53, June 23, 2010      

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The World Bank has given Sierra Leone a credit of 7 million U.S. dollars to support governance and economic growth in the West African country.

The credit "is aimed at implementing Poverty Reduction Strategy and provides supplementary financing to the three development policy operations in support of Sierra Leone's transition from post-conflict recovery to sustainable development', World Bank country director Ishac Diwan said in a press release issued on Tuesday.

The "government finances have been affected by the down turn and revenues have come down", the credit was to upset the reduction in revenue and allow the government to deliver basic services, it added.

Diwan urged the government of Sierra Leone to improve key reforms of the public sector and increase revenues for the proper collection of funds at the port, mining and telecommunications.

"The efficiency of the economy particularly relating to the public sector needs to be improved", he said.

This is the third set of financing in a series of World Bank policies to support Sierra Leone from post conflict to sustainable development.

Earlier this month, the International Monetary Fund (IMF) approved a three-year loan totalling 45.4 million U.S. dollars to accelerate economic growth in Sierra Leone.

The loan was designed to raise Sierra Leone's economic growth to 6 percent by 2012 by increasing investment in infrastructure and developing accessible financial sector.

Source: Xinhua


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