[{"bbox": [95, 120, 1163, 387], "category": "Text", "text": "Programme (2019-2023); the National Adaptation Plan and Programmes of Action (2020); the National Climate Change Strategy and Action Plan (2015); the National Land Degradation Neutrality Targets (2017), the UNCCD and the Nationally Determined Contribution (NDC 2021). The NDC contains both climate change mitigation objectives (improved energy efficiency, clean energy development; biogas generation from agricultural and urban waste, enhanced climate-smart and conservation agriculture) and climate change adaptation objectives, notably restoration of degraded lands with high production potential, to which the action can contribute. It also refers to accessing international carbon markets to help finance low carbon and climate resilient infrastructure investments. Gender is a cross-cutting concern for adaptation planning because women and girls are subject to disproportionate risk from climate-related natural disasters. The NDC considers gender-transformative and socially inclusive strategies that will empower women, girls, and persons with disability, reduce gender inequality, and improve adaptation and resilience outcomes."}, {"bbox": [95, 410, 1163, 519], "category": "Text", "text": "- The policy framework includes the recently revised Forestry Act (2021), the National Protected Area Authority Act (NPAA 2022) and the Environmental Protection Agency Act (EPA 2022), amending the roles and responsibilities of the key environmental agencies under the Ministry of Environment, with the aim of promoting communities' participation in land use planning and improving surveillance and law enforcement in the protected areas."}, {"bbox": [95, 543, 1163, 625], "category": "Text", "text": "As for the MTNDP, the above sector policies are severely hampered by lacking funds and capacity to implement the policies, which would be addressed by a budget support operation. The Worldbank supports Statistics Sierra Leone to improve technical capacity and data quality."}, {"bbox": [95, 650, 1163, 704], "category": "Text", "text": "In conclusion, the policy is sufficiently relevant and credible for budget support contract objectives to be largely achieved. Therefore the policy can be supported by the Commission with the proposed budget support contract."}, {"bbox": [85, 717, 356, 744], "category": "Section-header", "text": "### 2.3.3 Macroeconomic Policy"}, {"bbox": [85, 754, 1138, 1147], "category": "Table", "text": "<table><thead><tr><th>Indicator</th><th>2019</th><th>2020</th><th>2021</th><th>2022</th><th>2023<br>(forecast)</th><th>2024<br>(forecast)</th></tr></thead><tbody><tr><td>Real GDP (% change)</td><td>5.1</td><td>-2.0</td><td>4.1</td><td>2.8</td><td>3.1</td><td>4.8</td></tr><tr><td>GDP per capita USD</td><td>539</td><td>509</td><td>509</td><td>476</td><td>411</td><td>408</td></tr><tr><td>Inflation rate - Consumer Price Index end of period (% change)</td><td>13.9</td><td>10.4</td><td>17.9</td><td>37.1</td><td>23.7</td><td>17.8</td></tr><tr><td>Total domestic revenue (% GDP)</td><td>12.3</td><td>13.8</td><td>15.7</td><td>13.9</td><td>14</td><td>14.9</td></tr><tr><td>Total expenditures and net lending (% GDP)</td><td>23.5</td><td>25.7</td><td>28.4</td><td>25.8</td><td>23.0</td><td>22.9</td></tr><tr><td>Overall balance (including grants) (% GDP)</td><td>-8.7</td><td>-11.1</td><td>-7.4</td><td>-4.8</td><td>-3.2</td><td>-2.2</td></tr><tr><td>Grants % GDP</td><td>2.5</td><td>5.3</td><td>4.6</td><td>6.7</td><td>5.7</td><td>5.8</td></tr><tr><td>Public debt (% GDP)</td><td>69.7</td><td>76.3</td><td>79.8</td><td>92.9</td><td>90.2</td><td>85.4</td></tr><tr><td>Current account balance excluding official grants (% GDP)</td><td>-17.6</td><td>-11.3</td><td>-18.2</td><td>-13.7</td><td>-10.9</td><td>-11.0</td></tr><tr><td>Reserve coverage (months of imports)</td><td>3.5</td><td>4.2</td><td>5.8</td><td>4.6</td><td>3.9</td><td>3.5</td></tr></tbody></table>"}, {"bbox": [95, 1148, 597, 1174], "category": "Text", "text": "Source: Ministry of Finance and IMF, November 2022"}, {"bbox": [95, 1200, 1133, 1385], "category": "Text", "text": "Over the past decade, Sierra Leone was hit by back-to-back crises: the Ebola pandemic (2014-2016), the collapse in commodities prices (2015-2016), a major mudslide in Freetown (2017), the COVID pandemic (2020-2021) and the implications of Russian aggression in Ukraine. These shocks have aggravated the vulnerabilities of the economy and of the public finances. Sierra Leone's economy heavily relies on low added-value agricultural activities (about two thirds of the workforce and half of the output). The mining sector represents an important growth potential but the benefits fail to materialise in terms of employment, revenue for the State Budget and for the local communities."}, {"bbox": [95, 1411, 1133, 1493], "category": "Text", "text": "The causes for the low development of the productive sector are multi-dimensional and include low human capital, weak institutional capacity, a significant infrastructure gap, the lack of access to affordable credit (credit to the private sector stands at 6% of GDP) and a non-conducive business climate."}, {"bbox": [95, 1518, 1133, 1599], "category": "Text", "text": "Against that backdrop, GDP growth is estimated at 2.8% in 2022 and projected at 2.1% in 2023 with significant downwards risks. GDP growth is expected to recover its pre-COVID levels only from 2025. Considering the demographic growth, the implication on the income per capita and the livelihoods of Sierra Leoneans is harsh."}, {"bbox": [1037, 1681, 1143, 1706], "category": "Page-footer", "text": "Page 9 of 33"}]