To Offset Monthly Domestic Debts… Salone To Pay Le 50Bn

 

By Aruna Rashed Toma Bangura

The Minister of Finance, Jacob Jusu Saffa has appealed to the World Bank Country Manager, Gayle Martin to empower the ‘New Direction’ government to offset domestic debts which he said are overstretching the country’s dwindling economy.

The Finance Minister recently made the appeal at the Ministry of Finance Conference Room during the signing of US$40 million grant from the World Bank.

Jacob Jusu Saffa thanked the World Bank Country Manager for their generous intervention, whilst he highlighted the severe constraints faced by the government in paying domestic debts inherited from the past administration.

The Minister stressed that the Bio administration could not afford to pay Le 50 billion every month to offset domestic debts alone, noting that domestic arrears are slowly killing the national economy.

Mr. Saffa however expressed satisfaction that the World Bank was satisfied with the performance of the Bio administration, as well as its adherence to the financial recommendations made by the Bank.

He disclosed that the US$40 million grant was to be released as loan but following a performance review of their internal services, World Bank transformed the loan into a grant with an increase in the amount. Mr. Saffa continued that the primary means to finance the budget is through the country’s revenue mobilization.