Sierra Leone : Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone

Author/Editor:

International Monetary Fund. African Dept.

Publication Date:

June 22, 2017

Electronic Access:

Free Full Text (PDF file size is 1665 KB).Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Sierra Leone has shown remarkable resilience in overcoming the twin shocks of the iron ore export collapse and the Ebola Virus Disease (EVD) epidemic. However, significant medium-term challenges remain amidst persistent economic fragilities. There is a severe infrastructure gap with deficiencies in transportation, housing for the poor, sanitation and health facilities, as well as food security and energy supply. Despite these problems, the economy holds tremendous potential. Sierra Leone boasts one of the largest natural ports in the region, it receives abundant rainfall with a fertile soil and a sea front with promise in agriculture, fishing and tourism. Meanwhile, the mineral sector can be a basis for higher value added processing. But weaknesses, especially on fiscal policy and in the financial sector, remain impediments for unlocking this potential. The key structural macroeconomic problem is low fiscal revenues—despite significant efforts to enhance revenues in recent years. Since late 2016, high inflation and falling foreign exchange reserves have emerged as new macroeconomic challenges. Both are a direct result of a spending surge in late 2016.

Series:

Country Report No. 17/154

Subject:

English

Publication Date:

June 22, 2017

ISBN/ISSN:

9781484303832/1934-7685

Stock No:

1SLEEA2017001

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

100

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