Background

Sierra Leone completed an FSAP in 2006. The report, jointly prepared by the World Bank and IMF, diagnosed and recommended solutions for a number of weaknesses in the financial sector and the IMF set a structural performance criterion on the adoption of a comprehensive strategy for the reform of the financial sector, drawing on the FSAP recommendations.The development of this comprehensive strategy has been designed to be carried out in two phases. During the first phase, the Government of Sierra Leone with FIRST assistance has developed and finalized a post-FSAP strategy document that helped the Government in its efforts to implement FSAP recommendations.

This is the second Phase of this previously FIRST-funded project. The project envisioned that, upon successful completion of the first phase, a follow-up phase will then be developed and a request made to FIRST for assistance in the preparation of a comprehensive FSDP, to be completed by the end of 2008. The previous project was deemed useful and successful and this application asks for the financing of second phase.

Project

The GOAL of this project is to support the preparation of a long term comprehensive Financial Sector Development Plan (FSDP) by the Government of Sierra Leone.

The PURPOSE of this project is to (i) provide a roadmap for making finance work for economic growth and poverty reduction; (ii) establish the foundation to secure further assistance from development partners for the implementation of identified reforms. 

OUTPUTS:  The key output of the project is the technical assistance in the development of a comprehensive FSDP. The Government, the Bank of Sierra Leone and the development partners have agreed that the FSDP should include but not be limited to the following sub-sectors: a) commercial banking system, b) banking supervision, c) microfinance (and general access to finance), d) rural and community banks, e) the insurance sector and f) contractual and long-term savings.

Project LIFETIME is 7 calendar months from September 2008 till March 2009.

Project BUDGET is $354,000.

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