Sierra Leone: The total outstanding public debts of the Government as at end December 2020 was Le 27,179 billion or 62% of GDP, comprising domestic debts of Le 7,002 billion (Le5,319 billion – end FY2019) and external debts Le 20,177 billion (Le16,162 billion – end FY2019).
According to the Accountant General’s Department (AGD) General Purpose Financial Statements (GPFS) of the Consolidated Fund (Unaudited), it stated that the total amount of domestic debts of Le 7,002 billion as at end December 2020 consists of short-term securities (with less than one year maturity) in the form of treasury bills (Le5,404 billion) and Ways and Means Advances (Le21billion) taking it to closing balance Le213.5 billion.
The long-term securities were Le 1,576 billion, mainly in the form of treasury bonds. There was no outstanding bridging loan owed to the Bank of Sierra Leone as at the year end.
Domestic Borrowings during the fiscal year under review was Le5,844 billion less total domestic loan repayment of Le4,338 billion, which resulted in a net increase of Le1,506 billion in the stock of domestic debts.
These movements were mainly through rollover of treasury bills and treasury bonds. However, the net increase in domestic debts includes a net decrease of Le95.9billion in Ways and Means Advances to the Government, given by the Bank of Sierra Leone.
Domestic debt interest payments totalled Le1,089 billion in FY2020, compared to Le885 billion in FY2019, occurring mainly because of the hike in treasury bill rates.
The total amount of external debts payments made by the Government in FY2020 was Le709 billion (Le561 billion – FY2019), comprising principal loan repayments amounting to Le589 billion (Le467 billion – FY2019) and interest payments to external creditors amounting to Le120 billion (Le94 billion – FY2019). The total amount of external debt outstanding at end FY2020 stood at Le20,177billion.
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