The World Bank has approved an $80 million financing package aimed at bolstering the country's macro-fiscal environment. This package combines a generous $60 million International Development Association (IDA) grant as budgetary support with an additional $20 million allocated through a Catastrophe Deferred Drawdown Option (Cat DDO), which the Sierra Leonean government can access in the wake of a natural disaster.

The financing package is a proactive response to ongoing challenges face by the country. By aiming to restore macro-fiscal stability, the World Bank is facilitating a burnishing of Sierra Leone's economic landscape. “The approval of this financing package is a testament to the strong partnership between the World Bank and the Government of Sierra Leone’. Abdu Muwonge, Country Manager for the World Bank in Sierra Leone expressed the commitment of the bank to fortify the country's stability through crucial reforms.

This support, he disclosed, is closely aligned with the country’s medium-term National Development Plan (MTNDP 2024-2030), which prioritizes sustainable and inclusive growth. ‘By building on the successes of previous development operations, the World Bank's support continues to bolster a collaborative framework with the Sierra Leonean government, ensuring that interventions are well integrated into national strategies’.

The newly deployed financing is strategically structured under the country's Macro Stability and Resilience Development Policy Operation with a Catastrophe Deferred Drawdown Option. This initiative marks the first in a series of three policy operations designed to assist Sierra Leone in re-establishing its economic foundations. It focuses on key reform areas crucial for achieving sustainable growth viz: domestically mobilized revenue, financial sector stability and the energy sector participation.

It equally aims at ensuring access to finance for the private sector is another priority. The initiative aims to safeguard the financial sector's stability and improve the overall economic climate, thereby promoting investment and stimulating growth.