The Ministry of Finance, in partnership with the Ministry of Planning and Economic Development, has commenced discussions on the 2025 Budget and the Medium-Term National Development Plan (MTNDP).

The budget policy hearing, which began today, Monday, August 19, 2024, at New Brookfields Hotel, marks the start of a critical phase in shaping Sierra Leone’s economic future.

In his opening remarks, Minister of Finance Ahmed Fatanmadi Bangura outlined the key objectives for this year’s budget discussions. He emphasized that the 2025 budget would be closely aligned with the government’s “Big Five Game Agenda” and the newly launched MTNDP, which spans from 2024 to 2030. This strategic alignment is intended to ensure that all Ministries, Departments, and Agencies (MDAs) contribute effectively to the government’s broader developmental goals.

Minister Bangura highlighted the significant progress made in managing the economy, despite global challenges such as the ongoing Russia-Ukraine conflict and the lingering effects of the COVID-19 pandemic. He noted that the government has achieved notable economic growth and made strides in controlling inflation. The 2025 budget aims to further reduce inflation to single digits and bring down the budget deficit to 5%, all while addressing pressing security challenges—despite the absence of external budgetary support.

In a positive development, Bangura announced the resumption of budgetary support from international development partners. The European Union is set to restart its financial assistance, and the International Monetary Fund (IMF) along with other donors have expressed their commitment to supporting the government’s development agenda, as outlined in the MTNDP launched by President Julius Maada Bio.

Bangura also commended the National Revenue Authority (NRA) for exceeding its revenue targets by over 300 billion Old Leones between January and June 2024. He attributed this success to the robust reforms implemented at the NRA and emphasized the government’s ongoing commitment to closing financial leakages and preventing revenue loss. The 2025 budget will focus on increasing domestic food production, enhancing local productivity, broadening the tax base, and improving efficiency in tax policy.

However, the Finance Minister expressed concern over the low levels of tax compliance among citizens. He stressed the importance of ensuring that all Sierra Leoneans fulfill their tax obligations to support national development.

Madam Kenyeh Barclay, Minister of Planning and Economic Development, provided further insights into the MTNDP, which is projected to cost $12.3 billion. She noted that a significant portion of this funding is expected to come from development partners, but also stressed the importance of MDAs aligning their projects with the national priorities outlined in the plan. Barclay made it clear that no new projects would be approved unless they are in sync with the government’s development goals.

As the 2025 budget discussions continue, both ministers urged MDAs to work diligently to achieve the government’s development priorities, ensuring that Sierra Leone remains on a path toward sustainable growth and prosperity.