Ministry of Finance Partners With IMF to Assist SMEs
Mohamed Foday Conteh The Government of Sierra Leone through the Ministry of Finance has partnered with the International Monetary Fund (IMF) to assist Small and Medium-sized Enterprises (SMEs).
“We have partnered with the Sierra Leone Development Agency and IMF to support SMEs with financial assistance,” the Finance Ministry said.
They added that the support is to help SMEs overcome the economic crisis.
Sierra Leone’s economy has nosedived since 2022 with the country’s currency performing poorly against other foreign currencies.
In fact, The Johns Hopkins’ Hancke Currency Watchlist placed the Leone among the top 5 poorly performed currencies in the world.
The Julius Maada Bio Administration warned that the country’s economic is being affected by several global factors including the protracted effect of the war in Ukraine.
Currently, locals in the West African nation have witnessed a monumental increase in the cost of onions due to global market shortage.
But the Government is saying that this recent partnership is aimed at targeting national growth and encouraging of local investment and entrepreneurship.
How can we access those funds if we are not allowed to participate in it.
We just hope that this boost to the SME’s will not be politicized as before. If this is done fairly at district quotas please involve the councils as they can play a great role to identify business entities.
Please, what is the current exchange rate of Leone to Dollar (US).
James, the exchange rate is about 21,000 old Leones, and divide by 1,000, so about 21 new Leones. That’s official rates, Forex Bureaus pay more Leones for your dollar.
“How can we access those funds if we are not allowed to participate in it.”
Because so so tiffman dem na we government. Den put den sef befo economic develooment