International Monetary Fund (IMF) / Press Release

Source: International Monetary Fund (IMF) | Nov 06, 2023

International Monetary Fund (IMF) Staff Reaches Staff-Level Agreement with Sierra Leone on the Eighth Review of the Extended Credit Facility

Multiple external shocks and loose macroeconomic policies in recent years contributed to macroeconomic imbalances, including high inflation, a build‑up of debt, and low reserves

IMF staff and the Sierra Leonean authorities have reached a staff-level agreement on economic policies to conclude the eighth and final review of the 60-month ECF financed program, releasing about US$20.4 million in financing once the review is formally completed by the IMF Executive Board; External shocks and policy slippages in…

Source: International Monetary Fund (IMF) | Jun 06, 2023

International Monetary Fund (IMF) Executive Board Completes the Sixth and Seventh Reviews Under the Extended Credit Facility Arrangement for Sierra Leone

The economic recovery from successive external shocks was interrupted last year amid high energy and food prices in the context of Russia’s war in Ukraine

The IMF Executive Board completed the sixth and seventh reviews under the Extended Credit Facility Arrangement for Sierra Leone which allows for an immediate disbursement of about US$20.7 million; Sierra Leone’s economic challenges have intensified. Inflation has continued to rise; the currency has depreciated sharply; and debt related risks have…

Source: International Monetary Fund (IMF) | May 04, 2023

International Monetary Fund (IMF) Staff Reaches Staff-Level Agreement with Sierra Leone on the Sixth and Seventh Reviews of the Extended Credit Facility

An International Monetary Fund (IMF) team, led by Mr. Christian Saborowski, visited Freetown from April 17 to 28, 2023, for the sixth and seventh reviews of Sierra Leone’s financial and economic program supported by the Extended Credit Facility (ECF)

IMF staff and the Sierra Leonean authorities reached a staff-level agreement on economic policies to conclude the sixth and seventh reviews of the ECF-supported program, which would allow releasing US$21 million in financing. The IMF Executive Board will consider the reviews in the coming weeks. Sierra Leones’s economic challenges have…

Source: International Monetary Fund (IMF) | Dec 13, 2022

International Monetary Fund (IMF) Staff Completes Mission to the Republic of Sierra Leone

The IMF team and the authorities discussed macroeconomic developments, against a challenging global backdrop

An International Monetary Fund (IMF) mission, led by Mr. Christian Saborowski, visited Freetown from November 30 to December 9, 2022, for the sixth review of Sierra Leone’s financial and economic program supported by the Extended Credit Facility (ECF). [1] The ECF arrangement for Sierra Leone was approved on November 30, 2018 (see Press…

Source: International Monetary Fund (IMF) | Jun 07, 2022

IMF Staff Completes Staff Level Agreement on the Fifth Review of the Extended Credit Facility for Sierra Leone and Conducts the 2022 Article IV consultation

The program aims to build resilience and lay the foundations for stronger growth through fiscal consolidation and addressing debt vulnerabilities, while protecting the most vulnerable from the shock

IMF staff and the Sierra Leonean authorities have reached a staff-level agreement on economic policies to conclude the fifth review of the 55-month ECF financed program, releasing US$20.8 million in financing once the review is formally completed by the IMF Executive Board; The economic recovery from the pandemic has been…

Source: International Monetary Fund (IMF) | Jun 03, 2020

Coronavirus - Sierra Leone: International Monetary Fund (IMF) Executive Board Approves US$143 Million Disbursement to Sierra Leone to Address the COVID-19 Pandemic

The COVID-19 pandemic is severely impacting Sierra Leone’s economy

The COVID 19 pandemic is taking a heavy toll on Sierra Leone’s economy, jeopardizing hard-won gains since the Ebola health crisis; The IMF approved the disbursement of US$143 million under the Rapid Credit Facility to support the authorities’ response to the pandemic; The Sierra Leonean authorities are taking decisive and…

Source: International Monetary Fund (IMF) | Nov 15, 2019

International Monetary Fund (IMF) staff completes 2019 Article IV and Second ECF Review Mission to Sierra Leone

While the economy is continuing to recover, the outlook remains challenging and improving the well-being of Sierra Leoneans is an ambitious endeavor

The Sierra Leone authorities and IMF mission concluded discussions, reaching staff-level agreement on economic policies to pave the way for the IMF Executive Board to consider the second review under the ECF‑supported program; while the economy is continuing to recover, the outlook remains challenging and improving the well-being of Sierra…

Source: International Monetary Fund (IMF) | Jun 28, 2019

International Monetary Fund (IMF) Executive Board completes First Review under the Extended Credit Facility and approves US$21.62 Million disbursement for Sierra Leone

Implementation of the program, supported by the IMF, has been satisfactory in the face of a challenging economic environment

Completion of the first review enables the IMF to disburse US$21.62 million to Sierra Leone; the government’s reform agenda will secure fiscal sustainability, create space for priority spending, and lay the foundation for inclusive growth and poverty reduction; implementation of the program, supported by the IMF, has been satisfactory in…

Source: International Monetary Fund (IMF) | May 08, 2019

IMF Staff Concludes First Extended Credit Facility (ECF) Review Mission to Sierra Leone

Stepping up structural reform efforts will be crucial to managing fiscal risks, ensuring greater accountability, and diversifying the economy for the benefit of all Sierra Leoneans

The Sierra Leone authorities and IMF mission concluded discussions, ad referendum, on economic policies to pave the way for consideration by the IMF Executive Board of the first review under the ECF-supported program; Continued actions to mobilize revenue and manage public finances remain key priorities to reduce public debt and…

Source: International Monetary Fund (IMF) | May 07, 2019

Sierra Leone: International Monetary Fund (IMF) Staff concludes First ECF Review Mission

The economic landscape in Sierra Leone remains challenging

The Sierra Leone authorities and IMF mission concluded discussions, ad referendum, on economic policies to pave the way for consideration by the IMF Executive Board of the first review under the ECF-supported program; continued actions to mobilize revenue and manage public finances remain key priorities to reduce public debt and…

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