10 July 2012
Unconfirmed report says that auditors of the African Development Bank (ADB), which has loaned the government of president Koroma hundreds of millions of dollars for infrastructural development, have uncovered huge discrepancies in the accounts.
It is understood that millions of dollars earmarked for capital projects, such as road construction cannot be accounted for by the ministry of finance.
The ADB is said to be considering a moratorium on further cash advances in order to protect its money.
When the IMF last met with government officials in Freetown three months ago, its representatives made their feelings known regarding the government’s mismanagement of funds.
Couched in diplomatic language, the IMF officials said that the government was spending money it did not have.