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The Public Debt Management Division has said that Sierratel owes a whopping sum of over 48 million US Dollars.
The loans are believed to be from Exim Bank in China and India. The money is said to have been used to improve their network and service.
The loan is part of a 74 million US Dollars owed by State Owned Enterprises (SOEs).
The second largest of this loan owed by these enterprises is by the Electricity Distribution and Supply Authority (EDSA). The Electricity Company owes 8.3 million US Dollars -accounting for about 17 percent of the total loan.
According to reports, some of the monies provided to EDSA were supposed to be for the provision of fuel to Karpowership for electricity in Freetown
It is also reported that, some of these loans were acquired by the government and placed on-lent to these companies. In lucid terms, the government is obliged to repay these loans and not the companies.
