Economic Boom Soon


By Aruna Rashed Toma Bangura

The Special Adviser to His Excellency President Julius Maada Bio and Ambassador at Large at State House, Ambassador Umaru Bond Wurie has maintained that the positive strides taken by His Excellency is excepted to boost the country’s economy and become the fastest growing economy in Africa and the world.

According to Amb. Wurie, the President is on the right track in ensuring economic stability and quality education in order to restore the country’s lost glory as the Athens of the sub-region.

He maintained that the rapid inflation of the foreign exchange has been curtailed last week by the Central Bank Governor by pumping a whooping sum of two billion United States Dollars (US$2,000,000,000) through the private owned commercial Banks in a bid to relieve the exchange rate in the country.

Amb. Wurie furthered that the robust economic policies introduced by his boss are very prudent and would bring the country’s economy back to its feet.

“With an external debt of two billion Dollars ($2,000,000,000) and domestic debt of Le 10 trillion Leones inherited, we are putting all necessary measures in place to maintain fiduciary control,” averred the Ambassador.

He continued that by centralizing all revenue and the setting up of the Single Treasury Account (STA), the immediate suspension of all new appointees and purchase of government vehicles, proper taxation of timber exportation and recently allowing the liberalization of the fuel market which, he said, has helped to save government spending of Le 250 billion Leones annually on subsidizing for fuel.

He said the Le 250 billion Leones will be used by government to finance the free quality education flagship programme of the government.

Ambassador Wurie further opined that these strategic measures put in place by President Bio have been fruitful as the government is no longer paying civil servants and public officials from over draft.

He asserted that the hardship faced by citizens will soon be a thing of the past as government has restored investors’ confidence in the country.

“The new development witnessed in the slash down on the Dollar rate is a sign to show the desperate effort of His Excellency to boost the economic landscape of the country,” he concluded.