Freetown, SIERRA LEONE – Recent data from the country’s Debt Division has revealed a substantial increase in Domestic Borrowing during the fiscal year (FY) 2022, surpassing the figures recorded in FY2021.
According to the Ministry of Finance, Domestic Borrowing for FY2022 reached an impressive SLE17,119,544 more than doubling the previous fiscal year’s total of SLE7,966,629.
The composition of this borrowing includes Treasury Bills amounting to SLE9,349,872 covering 91-Day, 182-Day, and 364-Day Treasury Bills. This represents a significant increase compared to FY2021, where the total was SLE7,237,540.
Throughout the fiscal year, Treasury Bills worth SLE7,191,994 were redeemed, reflecting an increase from the SLE5,806,430 redeemed in FY2021. The outstanding amount of Treasury Bills at the end of FY2022 is reported to be SLE9,145,934 compared to SLE7,196,473 at the end of FY2021.
The report also highlighted that there were no further issuances of One-year Treasury Bonds during the period, and all outstanding bonds from previous years have been redeemed.
Furthermore, Bridging Loans obtained from the Bank of Sierra Leone in FY2022 were fully repaid, resulting in no outstanding balances at the end of the financial year.
The net decrease in Ways and Means provided by the Bank of Sierra Leone for the government’s operations amounted to SLE84,942 culminating in a closing bank balance of SLE111.2 repayable in the ensuing year.
The Ministry disclosed that a total of SLE1,743,717 million (compared to SLE711,714 in FY2021) represents long-term securities issued in the form of treasury bonds during FY2022. The total value of redeemed long-term securities for the year was SLE450,675 down from SLE690,879 in FY2021.
At the close of FY2022, the outstanding amount of long-term securities, including 1.5-Year, 2-Year, 5-Year, and 10-Year Treasury Bonds, totalled SLE2,713,146. This was an increase from SLE1,597,219 at the end of FY2021, with the Bank of Sierra Leone holding SLE2,566,578 Million, and NASSIT holding SLE146,569 Million.
The Special Marketable Securities held by the Bank of Sierra Leone as of December 31, 2022, amounted to SLE1,994,747 Million. This includes 3-Year Treasury Bonds at SLE1,081,500 Million, 5-Year Treasury Bonds at SLE367,990 Million, and 10-Year Treasury Bonds at SLE552,258 Million. ZIJ/6/2/2024