The General Auditing Commission (GAC) reported that the General Reserve Account has been running a negative balance of L$18 billion since January 2018. Senator Konneh shared a timeline of the budget support received from the International Monetary Fund (IMF) to provide context. He explained that the audit findings suggest the CBL made an error in accounting for the Extended Credit Facility (ECF) loan for budget support. “First, the General Reserve Account is the result of cumulative income and loss (retained earnings) over the period under review. We encourage all interested parties to review the audit report in full to understand the context of its findings.

Source: Front Page Africa August 02, 2024 21:06 UTC