Finance Minister Expresses Optimism For US$40M World Bank Support

Sierra Leone’s Minister of Finance, Karefa Ansumana Francis Kargbo, has expressed optimism that the country could secure US$40 million in budget support from the World Bank before the end of December 2026, while raising concerns over persistent weaknesses in public procurement, contractor performance and project supervision.

The Minister’s remarks come against the backdrop of the 2026 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group, held from 12 to 18 October at the Queen Sirikit National Convention Center in Bangkok, Thailand. The meetings brought together Finance Ministers, Central Bank Governors, development partners and policymakers to discuss global economic stability, development financing, poverty reduction and sustainable economic growth.

For Sierra Leone, the engagements represent an important opportunity to strengthen relationships with international development partners, secure additional financial support and demonstrate progress in economic governance and public financial management.

However, the Finance Minister acknowledged that weaknesses in procurement processes and project implementation continue to undermine the country’s ability to effectively utilise development financing. He pointed to delays in obtaining procurement approvals, including no-objection clearances, poor contractor performance and inadequate project monitoring as major obstacles affecting the timely execution of donor-funded programmes.

He further indicated that some development projects have suffered significant setbacks, while others have reportedly been abandoned because of procurement difficulties and implementation failures.

These concerns raise broader questions about institutional accountability and the effectiveness of public investment management. Development financing is intended to improve infrastructure, strengthen public services and create economic opportunities. However, when projects remain incomplete or contractors fail to deliver according to agreed standards, the intended benefits are denied to citizens.

The Minister therefore emphasised the need for stronger procurement procedures, improved contractor accountability and effective supervision by Ministries, Departments and Agencies responsible for implementing government projects.

His concerns also highlight the importance of ensuring that public resources and international assistance translate into tangible development outcomes rather than being trapped in administrative delays, poorly managed contracts and unfinished infrastructure.

Despite these challenges, the Government remains hopeful of securing US$40 million in budget support from the World Bank, subject to the successful completion of agreed policy reforms and the institution’s assessment of Sierra Leone’s compliance with the required conditions.

Information attributed to senior Ministry of Finance officials in Freetown suggests that the Government is expected to complete outstanding reform measures by 31 October 2026, ahead of a World Bank review reportedly scheduled for November.

The proposed financing, however, has not yet been confirmed as approved or scheduled for disbursement. Its release will depend on the fulfilment of the required policy actions, the Bank’s assessment and the necessary institutional approvals.

Parliament’s expected resumption on Friday, 16 October 2026, following a summons reportedly issued by President Dr Julius Maada Bio through the Speaker of Parliament, was considered important to the reform process, particularly where outstanding measures require legislative consideration and approval.

The Ministry of Finance is consequently under pressure to coordinate the necessary submissions, secure parliamentary action where required, and demonstrate compliance with the agreed reform benchmarks.

The anticipated support also comes amid an established development partnership between Sierra Leone and the World Bank Group.

On 10 September 2026, World Bank Vice President for Western and Central Africa, Ousmane Diagana, met with Finance Minister, Karefa Ansumana Francis Kargbo, in Freetown during a high-level engagement focused on strengthening cooperation and improving the effectiveness of development programmes.

The discussions emphasised accelerating project implementation, strengthening accountability and ensuring that development financing delivers measurable improvements in the lives of citizens.

The World Bank’s appointment of Aissatou Diallo as its Country Manager for Sierra Leone, announced on 1 September 2026, further reflects the institution’s continued engagement with the country. She is expected to oversee a development portfolio valued at nearly US$1.2 billion, covering agriculture, energy, water, education, social protection, governance, digital development and private sector growth.

Meanwhile, on 18 June 2026, the World Bank approved a separate US$40 million grant under the Sustainable Agricultural Value-chains Intensification for Growth project. The initiative is designed to improve agricultural productivity, attract private investment, strengthen market connections and create employment opportunities.

It is important to distinguish this agricultural grant from the additional US$40 million in budget support currently being anticipated by the Ministry of Finance.

If approved and disbursed, the proposed budget support could provide additional fiscal space for the Government to meet eligible budgetary commitments and support priority public services, subject to the applicable financial management requirements and approved expenditure allocations.

Nevertheless, the bigger question is whether Sierra Leone can address the institutional weaknesses that continue to affect the implementation of development programmes.

Securing financial assistance from international partners is important, but access to funding alone cannot guarantee economic transformation. The country must demonstrate the capacity to manage public resources responsibly, enforce contractual obligations and ensure that development projects are completed within agreed timelines and budgets.

The persistent concerns surrounding procurement and contractor performance also demand greater scrutiny from Parliament, particularly its oversight committees, to ensure that public institutions and contractors are held accountable for delays, abandoned projects and the misuse of development resources.

As the 31 October reform deadline approaches and the reported November World Bank assessment draws closer, the Government faces a critical test of its commitment to economic reforms and institutional accountability.

For ordinary Sierra Leoneans, the success of the anticipated US$40 million support should not simply be measured by whether the money reaches the Government’s accounts. It should be judged by whether improved financial management translates into better schools, functioning hospitals, reliable infrastructure, agricultural development and improved living conditions.

Ultimately, international development assistance must deliver results that citizens can see and experience. Sierra Leone needs not only more financial support, but also stronger institutions, transparent procurement systems and responsible management of public resources.