Finance Minister Sheku Fantamadi Bangura has announced a 23.2% rise in Sierra Leone’s public debt, now standing at SLE 63.69 billion as of December 2023. This increase stems from new domestic borrowing and external disbursements for donor-financed projects.
In the latest Public Debt Statistical Bulletin, Minister Bangura reaffirmed the government’s dedication to transparent financial management. The bulletin details the country’s debt structure, with external debt at SLE 42.91 billion and domestic debt at SLE 20.78 billion. The updated Medium-Term Debt Strategy (2023-2027) aims to mitigate risks and support sustainable growth.
Sierra Leone’s economy grew by 3.4% in 2023, down from 5.5% in 2022, due to sectoral declines in tourism and travel. Inflation pressures eased, and mining exports reduced the trade deficit. However, domestic revenue collection challenges, higher expenditures, and political instability widened the budget deficit to 7.8% of GDP.
Minister Bangura highlighted ongoing fiscal reforms and emphasized sustainable public policy management as crucial for debt stability. He also announced the upcoming Medium-Term National Development Plan (2024-2030), prioritizing agriculture, human capital, youth employment, public service reform, and infrastructure development.
The government remains committed to collaboration with stakeholders to address Sierra Leone’s economic challenges.
