EU gives 10.8 million euros (Le 64 billion) to support Sierra Leone's general budget (08/02/2012)
The European Union has released a new payment of 10.8 million euros (Le 64 billion) in general budget support from the 10th European Development Fund (EDF) representing the third and final fixed tranche (9 million euros) and variable (1.8 million euros) tranches of the EU's ongoing 46.6 million euros three-year programme.
"The main objective of the general budget support programme is to assist the Government of Sierra Leone in consolidating a stable macro-economic framework whilst supporting the implementation of the Agenda for Change", said Jean-Pierre Reymondet-Commoy, Head of the European Union Delegation to Sierra Leone.
More specifically, it aims to support the Government's efforts in reforming its Public Financial Management system, especially in the area of tax policy and tax administration for improved revenue collection, as well as in the management and the strategic allocation of the country's revenues towards better service delivery for the population.
In addition , the provision of general budget support provides a fiscal space to help the government to implement its priority infrastructure works which have the potential to boost economic growth.
This is implemented through a continous policy dialogue with the Government of Sierra Leone, and is also monitored by a performance assessment framework agreed with the Government.
The European Union Delegation is currently preparing a new three-year programme of budget support to the government of Sierra Leone.