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Wednesday, March 22, 2023

Salone’s Foreign Reserves Increase From $677 In 2020 To $936M

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The unaudited financial statements of the Government of Sierra Leone that is always prepared by the Accountant General of Sierra Leone has put the government of President Bio on a proper financial footing despites the seeming global economic crisis.

According to the report, the gross foreign exchange reserves (excluding swaps) is estimated to have increased from US$677 million (equivalent to 4.6 months of imports) at end of 2020 to an estimated US$ 936 million

This according to the  report is equivalent to 6.1 months of imports at end of 2021.

“The increase in reserves was as a result of the inflows from development partners during the period including the disbursement of the balance of payments support by the International Monetary Fund (IMF) and budget support by the World Bank,” the report added.

That domestic revenue increased from Le 5.5 trillion (13.8 percent of GDP) in 2020 to Le 6.8 trillion (15.3 percent of GDP) in 2021.

That The improved performance in domestic revenue was attributed mainly to the recovery in economic activities, stricter enforcement of tax laws, as well as the roll-out of the Electronic Cash Register for the administration of GST and the Integrated Tax Administration System (ITAS) for the electronic registration, filing, and payment of taxes.

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