World Bank approves US$10 million to help implement Sierra Leone's Poverty Reduction Strategy

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Freetown: Mohamed Sidie Sheriff (+23276) 605447
msheriff@worldbank.org

FREETOWN , October 8, 2008 – The World Bank Board yesterday approved the Second Governance Reform and Growth Credit (GRGC-2) of US$10 million to the Government of Sierra Leone to help implement the country’s Poverty Reduction Strategy in the context of a multi-donor budget support framework.

This one-tranche IDA credit is the second in a series of development policy lending by the World Bank in support of Sierra Leone’s transition from post-conflict recovery to sustainable development. It is designed to help in consolidating and deepening the agenda of the first Governance Reform and Growth Credit (GRGC-1) by continuing to support measures to: (a) preserve the fiscal space needed for poverty reduction; (b) promote efficiency, transparency and accountability in the use of public resources; and (c) improve the investment climate.

The measures supported by the GRGC-2 are expected to have a significant positive impact on poverty reduction.

By undertaking program actions aimed at preserving adequate fiscal space for poverty reducing programs, the government will be better positioned to deliver key public services even if revenues and grants fall short of targets.

Improvements in the investment climate supported by the operation should help sustain high GDP growth rates and promote exports.

The strengthening of public financial management is expected to enhance efficiency, transparency and accountability in public investments and service delivery. It is also expected that such measures will increase the country’s absorption capacity for external resources.

 

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For more information on the Second Governance Reform and Growth Credit (GRGC-2), please:
click here