Economic Boom In September -Finance Minister

 

The Minister of Finance, Jacob Jusu Saffa has disclosed that in September this year, the country would experience an economic boom once again for a long time ahead.

According to the Finance Minister, there were several factors responsible for the present poor state of the economy. These, he said, include lack of adequate donor funding, storing of wealth in foreign currencies and the non operation of some mining companies.

Dilating on the factors, Minister Saffa explained that donor support goes with the foreign exchange rate but that the lack of donor support was due to the failure the former government to comply with the International Monetary Fund (IMF).

“As single cent has not been received from donors for budgetary support,” said the Minister, noting that they have been running the country from the meager resources generated internally.

This, he said, explains the major factor responsible for the alarming exchange rate. Government, he said, entered into agreement with IMF in April this year and that on their part as government, they have met all the conditions in the agreement, adding that by September, this year, a team from the IMF will be in Sierra Leone to commence their own side of the agreement. IMF, the Minister said, is the global economic hub and that when they agree to work with any government all other donors follow suit.

“Come September we are going to receive substantial amount of money through donors,” assured the Minister, adding that such boost will stabilize the Dollar price and bolster the economy. The other factor the Finance Minister dilated on was that a good number of people store their wealth in Dollars and as a result, put pressure on the exchange rate.

“Some people especially those who may have been named in the GTT report are afraid of spending the Leones and have decided to store their wealth in Dollars” fumed the Minister.

A lot of Sierra Leoneans, he furthered, travel during this time of the year resulting to increase in demand for Dollar. Mining companies like Shandon and London Mining, he said, have ceased operations which, he said, have affected the GDP.

He expressed optimism that with the intervention of IMF and other donors in September, the economy will surely boom and will be maintained for long.