The 10th of July 2024 marks one year since President Dr Julius Maada Bio appointed Matthew Dingie as Financial Secretary of the Ministry of Finance.

In what he described as a tough and long year, the seasoned professional, Mr Dingie acknowledged the support of his colleagues at the ministry to enable them to have been able to sail through.

He stated that with support from the leadership, management and staff, the Ministry of Finance had stabilized the economic situation in the country and had set a good foundation for economic recovery in the coming years, with inflation coming down from 54% in June 2023 to 35% in May 2024, while the exchange rate has now been stabled since October 2023 to date.

The interest rates, he said, remain high with a prospect of a 4% growth in the economy as of this year.

In addition, the FS stated that the ministry successfully concluded the 8th and final review of the IMF’s ECF program in November last year, which saw IMF disbursing over $22 million as a direct budget support, and also met all the World Bank DPO triggers which were almost off-track by July 2023, and the bank, he added, disbursed in full the sum of $65 million in December 2023.

Recently, in April 2024, Mr Dingie and the Minister of Finance played critical roles in the successful conclusions of the MCC negotiations for Sierra Leone, which saw the MCC board approving MCC’s compact for Sierra Leone to be given $480 million.

And in the same month of June, over $800 million, was mobilized, in pledges at the round table in Vienna, Austria to support private and public sector investment in renewable energy and agriculture.

“Our end of June 2024 preliminary fiscal and monetary performance also shows that we have met all the three actions prior to a successor IMF program, which the board of the IMF will consider and approve in October 2024 following technical negotiations in August and September.

“The new program will make us eligible and qualify for the IMF’s Resilient Sustainability Trust program, which the board will also approve in February 2025.”

“Both programs will make us eligible for disbursements, totaling over $480 million in 36 months of program implementation,” he added

Matthew Dingie further stated that the Ministry of Finance is now discussing with the World Bank a $65 million budget support for 2024 and are also in engagement with the EU for budget support for 2024-2026.

The dynamic Financial Secretary attributed all these achievements to be done in just one year. They were able to do that because of their commitments to the work of the Ministry of Finance.

He stated that there are still a lot to be done to crystallize these commitments and minimize any potential risks of slippages on the macroeconomic indicators.

He thanked His Excellency President Maada Bio for giving him the opportunity and the confidence to serve in that position at such a crucial time in the country’s economy.

And also thanked the Hon Vice President and Chief Minister, all of whom he described as great supporting pillars to him over the past year.

He thanked his colleagues, the Hon Minister, and his deputies, the Principal Deputy Financial Secretary, the Accountant General, the Chief Economist and the Senior Deputy Financial Secretary and all Directors and Heads of Divisions of the Ministry of Finance.

©️MOF Communications