Financial Secretary Matthew Dingie Highlights Milestones in Economic Reform and International Support

As of July 10, 2024, it has been a year since President Dr. Julius Maada Bio appointed Matthew Dingie as Financial Secretary of Sierra Leone’s Ministry of Finance. Reflecting on the challenges and achievements of the past year, Dingie expressed gratitude for the support of his colleagues at the Ministry.

Under his leadership, supported by the Ministry’s leadership, management, and staff, significant strides have been made in stabilizing the country’s economic landscape. Notably, inflation has decreased from 54% in June 2023 to 35% in May 2024, and the exchange rate has remained stable since October 2023. Despite high interest rates, Dingie remains optimistic about a projected 4% economic growth this year.

Highlighting major accomplishments, Dingie noted the successful conclusion of the 8th and final review of the IMF’s Extended Credit Facility program in November, resulting in over $22 million in direct budget support. He also mentioned meeting all World Bank Development Policy Operation triggers, leading to a full disbursement of $65 million in December 2023.

In April 2024, Dingie and the Minister of Finance played pivotal roles in finalizing negotiations with the Millennium Challenge Corporation (MCC), resulting in a $480 million compact approval in June 2023. Additionally, they secured over $800 million in pledges in Vienna to boost investments in renewable energy and agriculture.

Looking ahead, Dingie outlined achievements in fiscal and monetary performance by June 2024, meeting prior actions for a successor IMF program. Technical negotiations are scheduled for August and September, with board approval anticipated in October 2024. This approval will also qualify Sierra Leone for the IMF’s Resilient Sustainability Trust program, with potential disbursements exceeding $480 million over 36 months.

Currently, discussions are underway with the World Bank for $65 million in budget support for 2024, alongside engagements with the EU for budget support spanning 2024-2026.

Dingie attributed these achievements to the collective effort and commitment of the Ministry of Finance. He emphasized the ongoing need to consolidate these gains and mitigate risks to macroeconomic indicators.

Expressing gratitude, Dingie thanked President Julius Maada Bio, Vice President, Chief Minister, and colleagues for their support during his tenure. He acknowledged the pivotal roles played by the Minister of Finance, deputy officials, the Accountant General, Chief Economist, Senior Deputy Financial Secretary, and all directors and division heads within the Ministry.