International Monetary Fund (IMF)

Bio’s Government Wins Back IMF Confidence

By Sylvester Samba

A delegation from the IMF led by First Deputy Managing Director, Dr. David Lipton, had meetings with the President of Sierra Leone Julius Maada Bio, where the IMF Chief confirmed the Fund is pleased in support of the country. The two met at State House, in the capital Freetown, on Tuesday 28th January 2020. The visit served as a renewed partnership with the IMF.

Addressing the Director and his delegation, President Bio said his government worked very hard to restore a strong relationship with the IMF. The government had worked extremely hard to fight corruption, which was one of the main obstacles to development.

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President Julius Maada Bio, First Deputy Managing Director, Dr. David Lipton, and delegates

The main thrust of our economic management has been fiscal consolidation. Mobilize enough revenue and also manage our expenditure. President Bio noted that his government had chosen Human Capital Development, which included providing free quality education, health service, and agriculture, as the thrust of its development process.

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President Julius Maada Bio, and Dr. David Lipton

In response, Dr. Lipton expressed appreciation to the government for the hospitality accorded him and his delegation, adding that they had a shared perspective with the government on the situation in the country. He said that his meetings with school pupils in the country showed their eagerness to learn, saying that that was an indication of Sierra Leone`s tremendous potentials. Dr. Lipton indicated, his delegation was in the country to help offer advice and guidance and to also help the government in its fiscal consolidation as part of their partnership with the government. Adding that they were impressed with the government`s focus on human capacity building.

Dr. David Lipton assumed the position of First Deputy Managing Director of the International Monetary Fund (IMF) on September 1st, 2011. On March 28th, 2016, Dr. Lipton was reappointed for a second five-year term, beginning September 1st, 2016. Before coming to the IMF, Dr. Lipton was a Special Assistant to President Clinton and served as Senior Director, International Economic Affairs at the National Economic Council and National Security Council at the White House.

The Minister of Finance, Mr. Jacob Jusu Saffa has regarded the recent visit by the First Deputy Managing Director of the International Monetary Fund (IMF), Dr. David Lipton as a manifestation that Sierra Leone is on track on its economic transformation trajectory. There are over 50 countries in Africa and to decide on which country to visit, always raises big debates in the IMF. So for a country to be selected, it could mean two things; one, you are doing very well, two, you are on track, and they want you to stay on track.

Highlighting the challenges they are facing as a government, he said, 30-35 percent of government revenues are used to settle government debt or arrears, noting that the depth of the problems they inherited is enormous.