Sierra Leone has launched a comprehensive Fiscal Risk Strategy Statement (FRS), in a decisive step to shore up its economic defences.

The initiative, unveiled at a workshop in Freetown recently, aims to provide a comprehensive, independent, and quantitative assessment of the fiscal risks facing the nation.

The three-day exercise, drawing expertise from key institutions including the Ministry of Finance, the Bank of Sierra Leone (BSL), the National Revenue Authority (NRA), Public-Private Partnership (PPP) units, and Civil Society Organisations, aimed to foster dialogue and build technical capacity in fiscal risk analysis.

Senior Deputy Financial Secretary, Mariatu Brown, underscoring the transformative potential of the FRS, said it was a commitment to building a robust understanding of contingent liabilities, climate-related vulnerabilities, policy preparedness, and overall institutional resilience.

She emphasized that the workshop was only the first step in a broader, ongoing consultative process to refine the standalone FRS.

“The goal is to foster dialogue between the government, private sector, and development partners, bolstering institutional understanding and technical capacity for in-depth fiscal risk analysis. This collaborative approach aims to identify opportunities to improve data systems and strengthen interagency cooperation”, she said.

Minister of Finance II, Jenneh Jabati, in her address, framed the event as a crucial moment in Sierra Leone’s fiscal governance journey, highlighting the increasingly uncertain global economic landscape, characterized by volatility, climate change, public health crises, and challenges within State-Owned Enterprises (SOEs) and Public-Private-Partnerships (PPP).

She stressed the government’s firm commitment to fiscal transparency, accountability, and long-term resilience. The creation of a dedicated FRS, she added, is a testament to this commitment.

Dr. Alhassan Mansaray, director of the Fiscal Risk Division, outlined the workshop's focus, encompassing macroeconomic shocks, governance challenges, climate risks, revenue volatility, expenditure pressures, and debt sustainability.

The agenda also addressed economic growth strategies, revenue mobilization improvements, budgetary vulnerabilities, and the crucial need for strategic policy recommendations to navigate these complexities. This proactive approach signals a determined effort to build a more stable and sustainable economic landscape for the future.