IMF Executive Board Completes First Review Under the Extended Credit Facility and Approves US$21.62 Million Disbursement forSierra Leone
- 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 the face of a challenging economic environment.
Completion of this review enables the immediate disbursement of SDR 15.555 million (about US$21.62 million), bringing total disbursements under the arrangement to SDR 31.11 million (about US$43.25 million). In completing the review, the Executive Board approved the authorities’ request for a waiver of non-observance of a performance criterion.
Sierra Leone’s 43‑month ECF arrangement for SDR124.44 million (about US$172.1 million or 60 percent of the country’s quota at the time of approval of the arrangement) was approved on November 30, 2018 .
The government’s reform agenda, supported by the ECF, aims to create fiscal space for priority spending by strengthening revenue mobilization, containing current spending and improving the efficiency of public investment.