Source: International Monetary Fund (IMF) |

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) |

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) |

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) |

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) |

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…

Source: International Monetary Fund (IMF) |

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

The International Monetary Fund (IMF) team welcomes the authorities’ efforts to further mobilize domestic revenue, improve expenditure management and control, address the outstanding stock of budget arrears, stabilize public debt and reduce it to sustainable levels, and prioritize public investment aimed at reducing social and infrastructure gaps

An International Monetary Fund (IMF) team led by Brian Aitken visited Freetown from September 18-October 2, 2018, to initiate discussions on a possible Extended Credit Facility arrangement that could be supported by the IMF.[1] At the end of the visit, Mr. Aitken issued the following statement: “The economic environment remains…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Review Mission to Sierra Leone

The current account deficit is expected to widen to 21.5 percent of GDP

Mission and authorities reached a common understanding of the challenges and risks associated with macroeconomic performance for the rest of 2017 and have made some progress in discussions on how to address those. Discussions aimed at completing the review will continue in the coming weeks, including during the upcoming Annual…

Source: International Monetary Fund (IMF) |

IMF Executive Board Approves US$224.2 Million Under the ECF Arrangement for Sierra Leone

Under the program, inflation is expected to fall to 12 percent by end-2017, further declining to 9.5 percent in 2018 and narrowing by about 0.5 percent each year thereafter

The Executive Board’s decision will enable a first immediate disbursement of SDR39.166 million (about US$54.3 million). Growth is expected to reach 7 percent in the medium-term. Under the program, inflation is expected to fall to 12 percent by end-2017, further declining to 9.5 percent in 2018 and narrowing by about…

Source: International Monetary Fund (IMF) |

IMF Staff Initiates Discussions on a Possible IMF-Supported Financial Arrangement for Sierra Leone

The IMF team welcomes the authorities’ plan to enhance domestic revenue, while increasing public investment aimed at reducing social and infrastructure gaps

The economy proved resilient in the face of two major exogenous shocks: the Ebola epidemic and collapse of iron ore prices and associated loss of production in 2014-2015. The economy is projected to expand by 6 percent in real terms in 2017, but the macroeconomic situation remains challenging. The IMF…

Source: International Monetary Fund (IMF) |

Sierra Leone Implements the International Monetary Fund’s Enhanced General Data Dissemination System

Publication of essential macroeconomic data through the new NSDP will provide national policy makers, a broad range of domestic and international stakeholders, including investors and rating agencies, with easy access to information that the IMF’s Executive Board has identified as critical for monitoring economic conditions and policies

Sierra Leone has implemented the recommendations of the Enhanced General Data Dissemination System (e-GDDS)—endorsed by the IMF Executive Board in May 2015—by disseminating a National Summary Data Page (NSDP). The page serves as a one-stop publication vehicle for essential macroeconomic data—in both human and machine-readable formats. This places Sierra Leone…