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"A diplomat's life is made up of three ingredients: protocol, Geritol and alcohol" Adlai E. Stevenson, US Ambassador to UN |
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Status: UN Country
Capital City: Freetown
Main Cities: Bo, Makeni, Kenema
Population: 4,616,000 Area [sq.km]: 71,740
Currency: 1 leone = 100 cents
Languages: English, tribal languages
Religions: Animist, Muslim
Total domestic revenue collected for 2001 is in excess of target. Revenue increased from a target of Le185 billion to about Le204.7 billion. Hence, the revenue to GDP ratio increased from 12.3 percent of GDP to 13.6 percent of GDP. The rise in collections from the Customs and Excise Department contributed to the over-performance in revenue due partly to the reduction in duty free concessions, amounting to about Le45 billion by end October 2001 compared to Le80.9 billion in 2000. Thanks to the complementary efforts of the Ministry of Development and Economic Planning, the implementation of the revised administrative guidelines on duty free concessions is yielding dividends. The Income Tax Department also exceeded its revenue target for 2001. However, Grants for budgetary support fell short of the budgeted amount by about Le41.2 billion due to the non-disbursements of projected donor resources.
Expenditure
Total Expenditure and Net Lending is provisionally estimated at Le448.8 billion. Of which, Personal Emoluments, Le111.6 billion, Goods and Services, Le128.7 billion, the Security Sector, Le52.5 billion, subsidies to the National Power Authority, Le3.1 billion. The provisional out-turn for wages and salaries exceeded its yearly target of Le100.3 billion, excluding an amount of Le6.8 billion paid as arrears to teachers.
Budget Deficit
Due to the significant shortfall in budgeted donor inflows and the excess expenditures for wages and salaries, the overall budget deficit, excluding grants, amounted to Le244.1 billion or 16.2 percent of GDP. The basic primary balance, estimated at Le76.2 billion or 5.1 percent of GDP, is lower than the ceiling due to the over performance in domestic revenues. However, bank financing increased significantly to Le33.1 billion or 2.2 percent of GDP.
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