text: 246. In l97rl, internal debt was Le 44 million, 9 per cent of the GDp, Iargely inthe form of bonds in circulation and Treasury Bills. Advances from the CentralBank of sierra Leone were only Le 4 million. At the end of June 19g4, the internaldebt of the Government stood at Le I,049 million, 36 per cent of the GDp. Most ofthis was held by the banking system. Advances were Le 25 nillionl rnost of theGovernmentrs indebtedness to the Central Bank had been converteri into @vernmentstock, of which Le 5?5 million was irredeemable I per cent stock. The very rapidexpansion in domestic debtr €sp€cially that of central bank financing, resulte<lfrom the relatively slow growth in revenue in comparison with the expansion inrecurrent and extrabudgetary expenditures. This increase in debt has, in turn,contributed to inflation and the serious weakening of the external position of theA/ 40 / 441 English Page 88 countryt net foreign assets declined to Le 692 million by 30.lune 1984. In 1983/84, internal interest payments rdere Le 35.2 miIl,ion. During the year, lnternal debt increased by over Le 200 million. An orderly and definite improvement in deficit financing needs to be achieved in the near future. 247. Taking into account the effect of Ehe re-scheduling by the Paris CIub in February 1984, it is estimated that the external public debt (disbursed and outstanding) stood at 9{70 million at the end of June 1984. The debt service obligations were projected to increase progressively from $70 million in 1985/86 to $99 million in 1987/88 before falling to $92 million in the next year. The correspondlng variations in debt service,/export earnings ratio would be 45.5 per cent in f985/85, 52.5 per cent in 1987/e8 before a decline to 45.7 per cent in 1,988/89. These estimates of debt service do not include
analysis: The text appears to be discussing the financial situation of Sierra Leone, specifically the internal and external debt, debt service obligations, and their impact on the economy. The text mentions government expenditures, revenue, and deficits, which suggests a focus on economic management and development.