Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698081444099.pdf (Sierra Leone)
PARLIAMENTARY BUDGET OFFICE March 2022 Economic and Budget Brief o Introduction The Parliamentary Budget Office (PBO) was established in 2017, pursuant to Section 13(1) of the Parliamentary Service Act of 2007, with the aim of maintaining a high quality research, and studies to provide information on economic and financial interests, advise the Legislature on budget matters, and support the legislative process through the costing of proposals initiated by the Executive arm of Government.
The above is achieved through the deployment of many processes and procedures such as preparing analysis and briefs relating to the economy and public finances, analysing government budget policies and intentions, and assist in strengthening the work of Parliamentary committees responsible for budget oversight.

This Quarterly Economic and Budget Brief published by the PBO is intended to update Members of Parliament (MPs) on recent macroeconomic, fiscal and budgetary developments.
It utilises published and official data and reports provided by the Ministry of Finance, the Bank of Sierra Leone, Statistics Sierra Leone and where applicable, other institutions.

The focus of the analysis is for the period July to December 2021.
Contents MACROECONOMIC DEVELOPMENTS ............................................................................................................ 2 Gross Domestic Product................................................................................................................................ 2 Africa’s Growth Performance ....................................................................................................................... 2 Sierra Leone Context ..................................................................................................................................... 2 Public Debt .................................................................................................................................................... 3 Inflation Outlook ........................................................................................................................................... 5 Monetary Policy and Interest Rate ............................................................................................................... 9 Exchange Rate ............................................................................................................................................. 10 Revenue and Expenditure ........................................................................................................................... 11 Domestic Revenue ...................................................................................................................................... 12 Revenue Head Performance ....................................................................................................................... 12 Business Enabling Environment (Doing Business Report) .......................................................................... 13 1 Gender Mainstreaming and Gender Budgeting .......................................................................................... 15 What is Gender Mainstreaming?
............................................................................................................ 15 Historical background ............................................................................................................................. 15 Some of the treaties signed by Sierra Leone: ......................................................................................... 15 What is Gender Budgeting?
.................................................................................................................... 16 The role of Parliament ............................................................................................................................ 16 Selected Glossary ......................................................................................................................................... 17 MACROECONOMIC DEVELOPMENTS Gross Domestic Product After a historic contraction in 2020, the global economy is expected to rebound this year, with growth in 2021 projected at 6 percent, a stronger-than-expected recovery.
The recovery follows on an unprecedented contraction of 3.3 percent of global output.

The unexpectedly strong rebound mainly reflects fiscal support in advanced economies, especially the United States, and speedy rollout of vaccines.

However, recoveries are varying both between and within countries because of COVID-related uncertainty.

Growth rates are projected to diverge substantially by country depending on the policy space available and the degree of reliance on tourism and commodity exports.
Although advanced economies as a group are expected to achieve growth of 5.1 percent in 2021, the projection for Sub-Saharan Africa (SSA) is just 3.4 percent.

Africa’s Growth Performance Africa is projected to recover in 2021 from its worst economic recession in half a century Economic activity in Africa was constrained in 2020 by an unprecedented global pandemic caused by COVID–19.

Real GDP in Africa is projected to grow by 3.4 percent in 2021, after contracting by 2.1 percent in 2020.
This projected recovery from the worst recession in more than half a century will be underpinned by a resumption of tourism, a rebound in commodity prices, and the rollback of pandemic-induced restrictions.

The outlook is, however, subject to great uncertainty from both external and domestic risks.

Sierra Leone Context Within Sub Sahara Africa, at 3.5 percent, growth in the West African Economic and Monetary Union (WAEMU) will be slightly ahead of the SSA average.
Compared to other regions in Sub Sahara Africa, West Africa has had lower COVID infection and death rates.

The emerging markets 2 and developing economies (EMDEs) group, led by China, will grow by 6.7 percent this year.

Such divergences in recovery paths may exacerbate income inequality between countries.

Despite uncertainty about the path of the pandemic, the global outlook will continue to improve, though gradually.
For 2022, at 4.4 percent global growth is projected to be stronger than previously forecast.

The upgrade for next year reflects the improved outlook in advanced economies, particularly in the United States.

Global growth is expected to moderate gradually over the medium term, averaging 3.4 percent for 2023–26.

On average, EMDEs are projected to grow faster, followed by the WAEMU, and then Sub Sahara Africa.
The slower global growth is associated with pre-pandemic structural impediments to growth, such as aging populations in advanced economies and low capital accumulation and productivity growth in developing countries.

The global outlook is fogged by COVID-19 related uncertainty.

Faster rollout of vaccines could improve the outlook, but a prolongation of the pandemic and new virus variants could substantially depress global growth.
Furthermore, the effectiveness of policy support will also be a major factor in recovery, as will the availability of fiscal space: for low-income countries with no fiscal space and no access to international financial markets, multilateral concessional financing could certainly improve the outlook.

For resource-rich countries, global demand and commodity prices will be among the factors determining the recovery path.
Sierra Leone’s economy is projected to recover from the COVID-19 contraction, but growth will be slower than it was before COVID-19.

Real GDP is expected to rebound by 3.0 percent in 2021, an upward revision of 0.8 percent relative to the 2020 spring forecast.

The growth upgrade reflects the easing of COVID-related restrictions and launch of the Quick Action Economic Response Program (QAERP).
However, Sierra Leone’s 2021 growth is slightly below the expected averages for SSA (3.4 percent) and WAEMU (3.5 percent) reflects the easing of COVID- related restrictions and launch of the Quick Action Economic Response Program (QAERP).

However, Sierra Leone’s 2021 growth is slightly below the expected averages for SSA (3.4 percent) and WAEMU (3.5 percent).
Public Debt After the severe deterioration of last year, Sierra Leone’s fiscal position is projected to improve 2022 as expenditures are rationalized and tax collections rise.

In 2021 the fiscal balance is projected to increase by 1.2 percent to 4.2 percent of GDP.

Interest payments will increase by 0.5 percent, reaching 4.5 percent of GDP.

Adjusting for the interest payments, the primary balance is expected to reach 8.8 percent of GDP this year.
The ratio of the primary balance to GDP is 0.7 percent higher this year than last.

The improved fiscal performance was due to higher revenue collection (tax revenue in particular), and better expenditure controls.

The ratio of revenue to GDP will increase from 21.4 percent in 2020 to 22.3 percent in 2021.

Tax revenues, especially direct taxes, were the major driver of this improved revenue performance.
Despite COVID-related spending pressures, the ratio of total spending to GDP is expected to decline from last year’s 26.9 percent to 26.5 percent in 2021.

The economic cycle has also been a driver of the primary deficit.

3 Accounting for the effect of the cycle, in 2021 the cyclically adjusted primary balance will be in surplus by 0.5 percent of GDP.

Sierra Leone’s public debt portfolio is exposed to severe refinancing risks because of the term structure of its domestic debt.
Despite the country’s reliance on multilateral and long-term debt, the average maturity has been decreasing since 2015.

The average time to maturity (ATM) for the entire debt portfolio is projected to reach 9.1 years in 2021.

With 84 percent of debt consisting of T-bills, the ATM is very short for domestic debt.

As a result, about 69 percent of domestic debt will have to be rolled over in the next two years.
This, along with external debt that matured in 2018, accounted for 14 percent of non-iron ore GDP.

A large portion of central government debt was subject to principal repayments in the first year; it is very important to stretch out domestic debt maturities to smooth the repayment profile.
Percentage Contribution to GDP by Sector 2021 2020 FISM Manufacturing Handicraffs Electricity and water supply Education Finance, insurance and Real estate Transport, storage and Communication Agriculture, Forestry and Fishing Source: PBO graphical analysis based on Statistic Sierra Leone Data 0 10 20 30 40 50 60 4 Contribution of GDP by Sectors 8 6 4 2 0 -2 -4 -6 -8 Source: PBO graphical analysis based on Statistic Sierra Leone Data 2020 2021 Inflation Outlook Based on its assessment, the Bank of Sierra Leone Monetary Policy Committee (MPC) noted that inflationary pressure after moderating in June 2021 picked up in July 2021, with headline inflation increase from 10.5% in July 2021 to 17.94% in December 2021.
The marginal increase in inflation is driven by the supply-side factors that are exogenous to the domestic economy such as, rising global commodity prices, higher freight charges and disruption in the global supply chain caused by mutation in the COVID-19 and among others.
INFLATION Inflation Food Non-food 15.40 10.50 6.40 14.88 10.88 7.48 18.17 14.55 11.59 13.28 11.63 10.21 18.84 15.77 13.28 19.40 17.94 16.75 25.00 20.00 15.00 10.00 5.00 - Source: PBO analysis based on Statistics Sierra Leone Data 5 Food price decreased from August to September in 2021 and also increases in the month of October to December in 2021 whereas the Non-food continues increasing at a higher peak from 7.48% in August to 16.75% in December.
PBO noted that the reduction in food between August and September was as a result of government intervention in terms given subsidies.

On the other hand, from September to December, 2021 both (Food and Non-food) increases because of high electricity tariff and increase in the cost of fuel etc.

Housing, water, electricity, gas and other fuels, Health and Education are all showing a mixed trend throughout the last six months of 2021.
Key Indicators by month July  The monthly consumer price inflation for July 2021 is 1.53 percent; up by 0.88 percentage point from 0.65 percent in June, 2021.

 Food and non-alcoholic beverages declined by 1.72 percentage points from 17.12 percent in June 2021 to 15.40 percent in July 2021.

 Housing, water, electricity, gas and other fuels increased from 8.37 percent in June 2021 to 8.75 percent in July 2021.
The inflation rate increased by 0.38 percentage point year-on- year  Health increased from 0.22 percent in June 2021 to 0.87 percent in July 2021.

The inflation rate increased by 0.65 percentage point year-on-year.

 For Education services, no change is noticed between June, 2021 and July, 2021.

August  The monthly consumer price inflation for August 2021 is 2.19 percent; up by 0.66 percentage point from 1.53 percent in July, 2021.
 Housing, water, electricity, gas and other fuels, with weight 13.70 percent, increased from 8.75 percent in July 2021 to 11.72 percent in August 2021.

The inflation rate increased by 2.97 percentage point’s year-on-year.

 Health, with weight 11.36 percent, declined by 0.21 percentage point from 0.87 percent in July 2021 to 0.66 percent in August 2021.
 Food and non-alcoholic beverages, with weight 41.86 percent, declined by 0.52 percentage point from 15.40 percent in July 2021 to 14.88 percent in August 2021.

6  For Education services, with weight 2.88 percent, no change is noticed between July, 2021 and August, 2021.

September  The monthly consumer price inflation for September 2021 is 1.21 percent; down by 0.98 percentage point from 2.19 percent in August, 2021.
 Housing, water, electricity, gas and other fuels, with weight 13.70 percent, increased from 11.72 percent in August 2021 to 11.77 percent in September 2021.

The inflation rate increased by 0.05 percentage point year-on-year.

 Health, with weight 11.36 percent, increased from 0.66 percent in August 2021 to 3.84 percent in September 2021.

The inflation rate increased by 3.18 percentage points year-on- year.
 Education services, with weight 2.88 percent, increased from 9.63 percent in August 2021 to 30.82 percent in September 2021.

The inflation rate increased by 21.19 percentage point’s year-on-year.

 Food and non-alcoholic beverages, with weight 41.86 percent, declined by 1.60 percentage point from 14.88 percent in August 2021 to 13.28 percent in September 2021.
October  The monthly consumer price inflation for October 2021 is 0.69 percent; down by 0.52 percentage point from 1.21 percent in September, 2021  Food and non-alcoholic beverages, with weight 41.86 percent, increased from 13.28 percent in September 2021 to 18.17 percent in October 2021.

The inflation rate increased by 4.89 percentage point’s year-on-year.
 Housing, water, electricity, gas and other fuels, with weight 13.70 percent, increased from 11.77 percent in September 2021 to 14.16 percent in October 2021.

The inflation rate increased by 2.39 percentage point’s year-on-year.

7  Health, with weight 11.36 percent, increased from 3.84 percent in September 2021 to 4.31 percent in October 2021.

The inflation rate increased by 0.47 percentage point year-on- year.
 Education services, with weight 2.88 percent, increased from 30.82 percent in September 2021 to 45.25 percent in October 2021.

The inflation rate increased by 14.43 percentage points year-on-year November  The monthly consumer price inflation for November 2021 is 0.29 percent; down by 0.40 percentage point from 0.69 percent in October, 2021.

 Food and non-alcoholic beverages, with weight 41.86 percent, increased from 18.17 percent in October 2021 to 18.84 percent in November 2021.
The inflation rate increased by 0.67 percentage point year-on-year.

 Housing, water, electricity, gas and other fuels, with weight 13.70 percent, increased from 14.16 percent in October 2021 to 16.11 percent in November 2021.

The inflation rate increased by 1.95 percentage point year-on-year.

 Education services, with weight 2.88 percent, increased from 45.25 percent in October 2021 to 57.23 percent in November 2021.
The inflation rate increased by 11.98 percentage points year-on-year  Health, with weight 11.36 percent, declined by 0.43 percentage point from 4.31 percent in October 2021 to 3.88 percent in November 2021.

December  The monthly consumer price inflation for December 2021 is 2.12 percent; up by 1.83 percentage point from 0.29 percent in November, 2021.

 Food and non-alcoholic beverages, with weight 41.86 percent, increased from 18.84 percent in November 2021 to 19.40 percent in December 2021.
The inflation rate increased by 0.56 percentage point year-on-year.

 Housing, water, electricity, gas and other fuels, with weight 13.70 percent, increased from 16.11 percent in November 2021 to 19.48 percent in December 2021.

The inflation rate increased by 3.37 percentage point’s year-on-year.

8  Health, with weight 11.36 percent, increased from 3.88 percent in November 2021 to 12.48 percent in December 2021.

The inflation rate increased by 8.60 percentage point’s year- on-year.
 Education services, with weight 2.88 percent, declined by 3.88 percentage points from 57.23 percent in November 2021 to 53.35 percent in December 2021.

Monetary Policy and Interest Rate The interest on government securities over the period showed a trend of 4.11 percent in July for the 91-days T-bills and remained zero from August to November 2021 respectively.
While the yield on 182 days T-bills declined from 9.67 percent to 9.5.4 percent between July and August and marginally plunged up by 9.67 percent in September, 10.14 percent in October, and 11.30 percent in November.

However, the yield on the 364 days T-bills marginally decreased from 23.39 percent in July to 21.75 percent in August and 18.40 percent in September reflecting government disgust to borrow from the Domestic Market and the low-interest-rate environment.
And a marginal increase from 18.40 percent in September to 19.94 percent in October and 20.56 percent in November that gives the inverse of the increase for government borrowing power from the Domestic Market and the high-interest rate environment.

The Monetary Policy Committee (MPC) decided to maintain the Monetary Policy Rate at 14.0 percent.

Similarly, the Standing Lending Facility Rate and Standing Deposit Facility Rate were both maintain at 17.0 percent and 8.0 percent respectively.
25 20 15 10 5 0 91 Days T-Bills 182 Days T-Bills 364 Days T-Bills MPR JUL AUG SEP OCT NOV Source: PBO analysis based on Bank of Sierra Leone data.

9 Exchange Rate The average exchange rate of the Leone against the US Dollar in July 2021 depreciated in all foreign exchange market.
On the buying front the Leone depreciated in the parallel, bureau, official and commercial market by1.28 percent, 0.20 percent,0.12 percent and 0.07 percent, averaging Le 10,533.33/US$1, Le 10,166.76/US$1,Le 10,161.28/US$1 and Le10,305.50/US$1 respectively.

The selling front, it appreciated in the commercial banks by 0.02 percent, averaging Le 10,444.04/US$1.

The average premium between the official and parallel widened by 78.50 percent to Le 570.51/US$1 in August 2021 from Le 319.41/US$ in July 2021.
In October 2021 the average exchange rate of the Leone against the Dollar (Le/US$) depreciated in all foreign market on both the buying and selling sides.

On the buying side the Leone depreciated in the parallel, commercial, official and bureau markets by 1.92 percent, 1.95 percent, 1.96 percent and 1.92 percent averaging Le 11,480.00/US$1, Le 10,748.83/US$1, Le 10,575.93/US$1 and Le 10,504.88/US$1 respectively.
The premium between the official and parallel market rate widened by 8.25 percent to Le 881.00/US$1 in October 2021 and 8.05 percent to Le 843.19/US$1 in September.

The average nominal exchange rate of the Leones against the US Dollar for the month of November 2021 continuous depreciated in the official, commercial, bureau and parallel market by 2.94 percent, 2.80 percent, 2.58 percent and 1.40 percent, averaging Le 10,886.87/US$1, Le 11,050.29US$1, Le 10,775.63US$1 and Le 11,640.91US$1.
The premiums between the official and parallel rates narrow to 6.58 percent in November 2021 which equivalent to Le 723.61/US$1 from 8.25 percent to Le 881.00 in October 2021.

In December 2021 the average exchange rate of the Leones against the US Dollar depreciated on both buying and selling side.

With regards to the buying side it depreciated across the commercial, official and bureau markets by 2.
21, 2.07 and 2.67 percents, averaging Le 11,294.74/US$1, Le 11,112.36/US$1 and Le 11,063.70/US$1, where in the Leone marginally appreciated in the parallel market by 0.31 percent, averaging Le 11,604.55/US$1.

The premium between the official and parallel rate widened from 6.58 percent to Le 723.61/US$1 in November and 3.85 percent to Le 432.21/US$1 in December 2021.
10 12,000.00 11,500.00 11,000.00 10,500.00 10,000.00 9,500.00 9,000.00 EXCHANGE RATE Parallel Commercial Official Bureau JULY AUGT SEPT OCT NOV DEC EXCHANG RATE 2021 Source: PBO calculations based on Bank of Sierra Leone data Revenue and Expenditure Domestic Revenue Performance (in Billion Leones) Domestic Revenue Collection Income Tax Customs and Excise Goods and Services Tax Mineral Resources Fisheries Other Departments Petroleum Products Excise Duty Road User Charges TSA Revenue (Excluding Road Fund) privatization Receipt July 178.9 Aug Sept Oct Nov Dec 166.5 259.0 148.1 201.5 236.0 Monthly Total 1,190.0 Contribution % Domestic Revenue Performance (in Billion Leones) 11 Domestic Revenue Even though there is slight decline in domestic revenue from Le3.6 trillion to 3.5 trillion in the second half of the year, its total performance for the year exceeded the projected amount.
That is total domestic revenue generated for the year amounted to Le7.2 trillion whilst projected domestic revenue was Le6.42 trillion Revenue Head Performance Income Tax is the backbone for revenue mobilization in an economy.

There was a decrease in revenue performance from Le1.3 trillion to Le1.2 trillion during the first and second half respectively.

The total revenue from this sector for the year was Le 2.5 trillion.
Custom And Excise accounted for a decrease in revenue returns from Le703 billion in the first half of the year to Le 485 billion in the second half due to the shock of the third wave of COVID 19.Goods And Services Tax gives a significant improvement in revenue mobilization.

Its contribution stood at 17.3 percent of total revenue for the second half of 2021.

This showed an increase in revenue which amounted to Le608 billion for the period under review.
The sector of Mineral Resource showed an impressive growth in revenue turnover of Le 382 billion for the period of July to December compared to Le139 for first half of year and its contribution to revenue performance was 10.9 percent of the total revenue for the said period.

The performance of Petroleum Product slipped downwards from Le239 billion in the first half of the year to Le136 billion in the second half of the year.
This was due to the poor performance of the sector as a result of either low production or vices more so in the months of November and December, 2021.

Fisheries has been one of the most contributing sectors in the domestic revenue mobilization for the past years but showed a decrease in revenue mobilization as compared to what was projected.

However, it generated Le33 billion for the period under review.
300.0 250.0 200.0 150.0 100.0 50.0 0.0 Source: PBO Analysis based on Ministry of Finance data 12 July Aug Sept Oct Nov Dec Expenditure Performance (in Billion Leones) Expenditure Wages, Salaries and Employee Benefits Non-Salary, Non- Interest Recurrent Expenditure Domestic Development Expenditures July Aug Sept Oct Nov Dec Monthly Total Contribution % 312.7 372.4 304.2 313.1 335.0 306.0 1,943.4 45.1 147.2 257.6 251.3 137.4 161.9 253.0 1,208.4 119.9 126.4 110.3 8.5 195.2 44.6 604.9 28.0 14.0 Wages, Salaries and Employees Benefits increased to 45.1 percent of total expenditure in the second half of 2021.
This was due to the increment of 25 percent to the salaries of the military service which took effect in April of the same year Non-Salary, Non- Interest Recurrent Expenditure showed an expenditure of Le 1.2 trillion in the first half of the year and further increased by Le 20 billion in the second half of the same year.

There was increased in Domestic Development from Le1.2 trillion in 2020 to Le1.6 trillion in 2021.
400.0 350.0 300.0 250.0 200.0 150.0 100.0 50.0 - July Aug Sept Oct Nov Dec Source: PBO Analysis based on Ministry of Finance data Wages, Salaries and Employee Benefits Non-Salary, Non-Interest Recurrent Expenditure Domestic Development Expenditures Business Enabling Environment (Doing Business Report) In September 2021, the World Bank announced it was discontinuing its annual Doing Business Report (DBR) after nearly two decades of publication.
The DBR attempts to quantitatively measure the “ease of doing business” in countries around the world, focusing on business regulations and property rights protections.

The World Bank canceled the report because an 13 independent investigation found that senior World Bank officials improperly influenced results in previous iterations of report.
The World Bank Group(WBG) is formulating a new approach to assessing the business and investment climate in economies worldwide following the discontinuation of the Doing Business project on the development of the new Business Enabling Environment (BEE).Currently, the WBG are looking for feedback and contributions on the pre-concept note of the BEE project.

The new business enabling environment project will not measure the full range of factors that affect an economy business environment.
The Doing Business Report still remains the same since 2019-2020.

Sierra Leone rank 163 with a score of 47.5 out of 190 countries.

Out of the 11 indicators covered by the report, Sierra Leone scored highly on starting a business (91.3) and paying taxes (73.0), it has passed the enforcing contract (55.9) and trading across boards (51.9).
However, getting credit dealing with resolving insolvency and getting electricity recorded the lowest indicator scores, reflecting the apparent challenges faced by the country in these aspects.

Country ranking 200 180 160 140 120 100 80 60 40 20 0 RANKING SCORE Ease of Doing Business Performance for ECOWAS countries.

Within the ECOWAS region Sierra Leone performs well in terms of paying taxes compare to other countries.
For example Sierra Leone scores 73, Guinea 35, Ghana 56 It is record that Sierra Leone has been on a steadily decline since 2018 which it was ranked 160th (48.18 Scores) and down to 163rd (47.5 Score) in 2018 14 Gender Mainstreaming and Gender Budgeting What is Gender Mainstreaming?

Gender mainstreaming is a strategy to ensure that women and men concerns and experiences are included in the design, implementation and evaluation of policies and programs with the aim of achieving gender equality.
Historical background The idea of gender mainstreaming was first introduced at 1985 in Nairobi Conference of Women.

It was an approached to policy making which takes into account key and relevant issues of women and men in governance system of states.
though, it was established as a strategy in international gender equality policy through Beijing Platform for Action, that was adopted at the 1995 Fourth United Nations World Conference on Women in Beijing and later used as a tool to promote gender equality at all levels in 1998 (according to Council of Europe).
When combining gender mainstreaming and other measures for the growth of women, by ensuring better policy making and use of resources and such has been implemented in the UN 2030 Agenda for Sustainable Development which includes a stand-alone goal on gender equality and the empowerment of women and girls (SDG5).

Some of the treaties signed by Sierra Leone: 1.

Convention on the elimination of all forms of discrimination.
This was in 1979 actually come into action in 1981 and Sierra Leone signed 21st September 1988 and 2.

Ratifies it 11th Nov 1988.

Once you ratify there is need for sending initial report after one year and subsequent reports will be after every four years.

3.

Resolutions from the United Nations.

“UN security council resolution ratified in 1325, and women peace and security 2000.

Sierra Leone more focuses on the UN Security Council resolution 1820.

(Sexual violence on UN peace keepers).


Sierra Leone developed one action plan in 2010 and elapsed in 2014 as the first generation and the second-generation action plan was done in 2019 which will elapse in 2023.

The plan should align with the country MTND.

4.

The Sierra Leone Ministry of Gender is also a party to Beijing declaration and platform for actions 1995.

This ranging from violence, economy, political, unemployment and labor 5.
United Nations convention on the right of the child 2007( UNCRC child right Act 2011) 15 6.

AU protocol to the Africans charter on human and people’s right (Maputo protocol) signed and ratified in 1995.

7.

AU leads of states solemn declaration on gender equality 8.

ECOWAS has a supplementary act on gender mainstreaming, and in country there was TRC that came up with set of recommendations on women to have a minimum of 30% representation in governance.
The current population of women in Sierra Leone is 52% 9.

Gender Equality and Women empowerment Policy 2020.

This in turn inform the gender equality and women empowerment bill in parliament What is Gender Budgeting?

Gender budgeting is the process of preparing a budget from a gender perspective.

It is the process that shows what percentage of a national budget benefits men and women respectively.

It shows whether allocations contribute to gender equality.
Even though, it does not entail dividing budgets for women but with an aim of dealing the budgetary in a gender inequality issues (UNESCO 2015 page 72-75).

The role of Parliament The parliament of a country has an important role to play in gender budgeting.

After all, it is parliament that approves a budget, and audits expenditure at the end of the budgetary year.

If it is doing its job properly gender budgeting will be achieve.
16 Selected Glossary Consumer Price Index (CPI) - is a measure of the aggregate price level of a basket of consumer goods and services in an economy.

Exchange Rate - is the value of one nation's currency versus the currency of another nation or economic zone.

If it is said that the Leone fell against the US dollar, it means that the Leone is now worth fewer dollars.
Gross Domestic Product (GDP) - is a monetary/standard measure of the market value of all the final goods and services produced by a country during a period.

GDP is the single most important indicator to capture economic activity, but it is not necessarily a good measure of societies’ wellbeing.

Inflation - is a sustained increase in the general price level of goods and services in an economy over a period of time during which money loses some of its value because its purchasing power falls.
Monetary Policy - refers to how central banks manage liquidity by changing interest rates to control the demand for money and hence the rate of increase of bank lending.

This in turn affects the level of demand in the economy and other parameters such as borrowing for consumption and investment.

Monetary Policy Rate - is the rate that is used by the central bank to implement or signal its monetary policy stance, and it is commonly set by the Monetary Policy Committee (MPC).
The Monetary Policy Committee consists of seven (7) members as provided for in the BSL Act, 2011 Section 21(2).

They include the Governor, the Deputy Governor, three (3) persons appointed by the Governor and two (2) persons appointed by the Minister of Finance and Economic Development.

Real GDP - is a measure of economic output that accounts for the effects of price changes (i.e.

inflation or deflation).


17 Disclaimer This Brief has been prepared and published by the Parliamentary Budget Office (PBO) for use by Members of Parliament to enable them to make meaningful contributions on matters around the national budget.

The PBO takes full responsibility for its content and may make alterations to the information contained therein at any time.

For more information, please contact the Parliamentary Budget Office, Parliament of Sierra Leone Building, OAU Drive, Tower Hill, Freetown.
Email: pbosl2018@gmail.com Visit our webpage: www.parliament.gov.sl/dnn5/ParliamentaryBusiness/ParliamentaryBudgetOffice.aspx 18 19