World BanK: Sierra Leones civil war cost $15bn By KEMO CHAM in Freetown | Saturday, June 21 2014 Sierra Leone President Ernest Bai Koroma. Sierra Leones 11-year civil war cost an estimated $15 billion, the World Banks deputy Vice-President, Mr Makhtar Diop, said in Freetown. He said recovery would be an expensive affair and highlighted the enormous challenges ahead for the attainment of the countrys development goals. The Senegalese Economist was speaking at the 7th Consultative Group Meeting on Sierra Leone, to mobilise funding for the West African nations six-year development plan. The conference was co-hosted by the government and the World Bank and was part of the just-concluded international forum which brought together the worlds most fragile and war affected 19 countries. Sierra Leones war, which lasted between 1991 and 2002, claimed an estimated 50,000 lives and displaced about two million people. By some estimates, the conflict in Sierra Leone carried a price tag of $15 billion in terms of destruction of property, livelihoods, and precious lives lost. Recovery and reconstruction, which is well under way, will be costly as well, said the top World Bank official. According to the World Banks composite ratings of various development indicators (CPIA), Sierra Leone had moved beyond the threshold of Fragile and Conflict Affected States. But Mr Diop said higher economic growth was crucial to put an end to extreme poverty. Despite the praises showered on the country for its remarkable resilience in journeying through its difficult period into peace, transforming the gains into true prosperity has not been easy. In 2013, the government launched an ambitious development plan crafted out of the acclaimed Poverty Reduction Strategy Paper III. It aims at setting the country on the path to becoming a middle income economy by 2035. The private sector However, despite huge investment in the mining and agricultural sectors, the chances of raising the funds to implement the projects in the so-called Agenda For Prosperity, remained an uphill task. According to official estimations, current committed resources by the government, its development partners and the private sector, amounts to $3.7 billion out of total $5.7 billion. Thursdays meeting was meant to ascertain the reality of the committed resources and also chart the way to getting the remaining funding. The World Bank is emphasising the greater involvement of the private sector and, even at that, said Mr Diop, it will take a transparent and accountable management of the countrys resources to reach there. One key priority is to rebalance the mix of recurrent and capital expenditures - and shifting to a large share of capital expenditures to help bridge the infrastructure gap in Sierra Leone and boost health and education services, he said. Efficient and accountable management of public investment processes will allow your government to increase overall investment in infrastructure and - equally important - ensure that such investments contribute to inclusive growth. Mr Diop assured the Sierra Leone Government of the World Banks readiness to help it maximise the effectiveness of its spending through project evaluations, financial management information systems, and public expenditure reviews. The World Bank chief was due to engage President Ernest Bai Koroma in a closed door meeting before departing for Washington at the end of his four-day visit.
Posted on: Sat, 21 Jun 2014 17:16:10 +0000
Trending Topics
Recently Viewed Topics
© 2015