At a virtual event unveiling the latest Sierra Leone Economic Update, Stefano Curto, Lead Economist at the World Bank, highlighted key economic challenges and opportunities for the country. Despite not being present in person, he expressed his appreciation for addressing such an important gathering.
Stefano stressed that the report was not just data, but a critical tool to foster public discourse and consensus on policy options to improve Sierra Leone’s macroeconomic management and promote long-term growth. He projected a 3.7% growth rate for Sierra Leone in the coming years but warned that the short-term outlook remained fragile due to the country’s economic vulnerabilities and exposure to shocks.
He emphasized that fiscal sustainability requires continuous reform over time, noting past challenges of inconsistent reform efforts due to political resistance. He called for a focus on improving public spending efficiency and transparency, alongside robust domestic revenue mobilization, particularly from sectors benefiting from natural resources.
Energy, Stefano noted, is a critical sector for economic diversification and social development, despite its current financial difficulties. He highlighted the importance of reliable energy access as a foundation for future growth.
In closing, Stefano reaffirmed the World Bank’s commitment to supporting Sierra Leone’s journey toward macroeconomic stability while protecting the most vulnerable populations, inviting attendees to engage in discussions for collaborative solutions.
