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Sierra Leone: Sixth and Seventh Reviews Under the Extended Credit Facility, Requests for Waivers of Nonobservance of Performance Criteria, Extension of the Arrangement, Rephasing of Disbursements, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone

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  • International Monetary Fund

Abstract

This paper presents Sierra Leone’s Sixth and Seventh Reviews under the Extended Credit Facility (ECF), Requests for Waivers of Nonobservance of Performance Criteria, Extension of the Arrangement, Rephasing of Disbursements, and Financing Assurances Review. The IMF Executive Board completed the sixth and seventh reviews under the ECF Arrangement for Sierra Leone, which allows for an immediate disbursement of funds. Sierra Leone’s economic challenges have intensified. Inflation has continued to rise; the currency has depreciated sharply; and debt related risks have increased. The authorities have requested an extension of the program to November 2023 to continue building on recent reforms and achieve program objectives. Building resilience and laying the foundations for stronger growth by consolidating public finances and addressing debt vulnerabilities, while supporting the most vulnerable, remains key to the success of the program. Structural reforms will be essential to reduce vulnerabilities to corruption and foster private sector development.

Suggested Citation

  • International Monetary Fund, 2023. "Sierra Leone: Sixth and Seventh Reviews Under the Extended Credit Facility, Requests for Waivers of Nonobservance of Performance Criteria, Extension of the Arrangement, Rephasing of Disbursements, and," IMF Staff Country Reports 2023/214, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2023/214
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