The World Bank has today announced that its Group Board of Executive Directors has approved a $100 million grant from the International Development Association (IDA), to support the government of Sierra Leone in promoting sustainable and inclusive growth, and building economic resilience.
Gayle Martin, World Bank Country Manager for Sierra Leone (Photo), said: “This financing will help address fiscal challenges and improve overall governance to build resilience and enhance the delivery of services to the people amidst this global COVID-19 pandemic.
With the spread of the virus in Sierra Leone and the effects of the global pandemic, the economy is expected to contract by between 2.3 and 3.1 percent in 2020, and growth could be 1.4 to 2.0 percentage points lower than forecast for the medium term, the World Bank says .
A key challenge for the Government is to diversify the economy to raise real per capita growth above the population growth of 2.1 percent in order to ensure that the gains in reducing poverty and inequality are sustained, the World Bank warns.
As the World Bank warns the government today, diversifying the economy is the only option for the government if it is to promote economic growth, employment and private sector led wealth creation.
