Announcements

The International Monetary Fund (IMF) Staff and the Sierra Leonean authorities have reached a staff-level agreement on economic policies and reforms that could be supported by a new 38-month Extended Credit Facility (ECF) arrangement, with requested access of SDR 187 million (about US$253 million).

According to the agreement, “The ECF would support restoring stability through continued macroeconomic adjustment to address debt vulnerabilities, reduce inflation, and rebuild international reserves; bolster inclusive growth and poverty reduction through structural reforms and targeted social spending; and revitalize the reform agenda to strengthen governance and institutions – all advancing the poverty reduction and growth aspirations outlined in the country’s Medium Term National Development Plan (MTNDP) 2024-30.”

It added that “The Article IV consultation focused on fiscal and debt sustainability, monetary policy operations, drivers of inflation, external sector stability, trade facilitation, macroeconomic implications of gender inequality, climate-related risks, and the adequacy of social policies.”

It could be recalled that the IMF Mission, led by Mr. Christian Saborowski, visited Sierra Leone from September 4 to 13, 2024, to conduct the 2024 Article IV consultation and discuss with the Sierra Leonean authorities economic and financial policies that could be supported by a new 38-month ECF arrangement, with requested access of SDR 187 million (about US$253 million). The staff-level agreement is subject to approval by the IMF’s Management and Executive Board.

Meanwhile, for strengthening trade and investment cooperation between the United States and Sierra Leone, which is vital for the enduring relationship between our two nations, His Excellency President Dr. Julius Maada Bio on Saturday 21st September had the honour of addressing a United States Government Roundtable with Trade and Investment Agencies, where he shared his government’s key priorities, particularly in the areas of energy and agriculture.

The President looked forward to leveraging this platform to attract more private sector investors to Sierra Leone, fostering growth and development in the country.