Sierra Leone: Selected Issues

Selected Issues
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Volume/Issue: Volume 2022 Issue 260
Publication date: July 2022
ISBN: 9798400216176
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Topics covered in this book

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Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , Environmental Economics , debt anchor , financing mix , Education policy , climate commitment , model description , baseline debt anchor , panel data regression , inflation driver , Inflation , Climate change , Debt limits , Human capital , Global , Sub-Saharan Africa , West Africa , Africa , Central Africa

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Summary

This Selected Issues paper focuses on mainstreaming adaptation in Sierra Leone. The strong linkage between climate vulnerability and development calls for mainstreaming adaptation into national development agenda, while macro vulnerability requires fiscal policies to balance the needs of climate actions and debt sustainability. Enhancing the capacity to tap into external grants will be critical to fulfil the climate commitments while maintaining debt sustainability. Meanwhile, gradually adapting the existing Personal Financial Management (PFM) practices to integrate climate targets within and beyond the budget cycle will help mainstream adaptation and prioritize climate projects. Climate-related shocks have caused heavy casualties and economic losses, underlining the importance of investing in adaptation for infrastructure to reduce vulnerability. Macro-fiscal policies would benefit from being supported by frameworks that link climate risks to debt sustainability analysis. The authorities should calibrate climate costs and adaptation benefits and integrate adaptation into fiscal policies. Green PFM should gradually adapt the existing PFM practices to integrate climate targets within and beyond the budget cycle and help prioritize climate spending.