IMF Staff Concludes Mission to Sierra Leone
IMF News, April 22, 2024
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- IMF Staff Concludes Mission to Sierra Leone
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Bibliographic details
- Published: April 22, 2024
Mission details
- IMF team led by Mr. Christian Saborowski visited Freetown from April 8 to 12, 2024.
- Purpose: discussions with the Sierra Leonean authorities on their request for financial support under a new arrangement under the Extended Credit Facility (ECF).
- Context: previous arrangement came to an end on November 20, 2023 (Press Release 23/403).
- Discussions continued during the Spring Meetings of the IMF and the World Bank Group in Washington, DC.
- Press Release No. 24/124.
Key findings and agreements
- The authorities substantially tightened macroeconomic policies in 2023 and into the first quarter of 2024.
- Early outcomes of the adjustment:
- stable exchange rate
- declining inflation
- Remaining challenges:
- the remaining adjustment required to keep debt on a sustainable path is significant
- financing needs are high
- foreign reserves have fallen
- The authorities and the staff team reached agreement on most policies to underpin the requested arrangement under the ECF.
- They reached understandings on the authorities’ development objectives and reforms needed to achieve macroeconomic stability and maintain debt sustainability.
Policy recommendations and next steps
- Continued fiscal and monetary tightening will be critical in the meantime.
- Preservation of reserves will be critical in the meantime.
- Discussions will continue over the coming months.
- The IMF team plans to return to Freetown for a follow-up mission in early September to reach a staff-level agreement on the new arrangement under the ECF.
Communications and media
- IMF Communications Department — MEDIA RELATIONS
- PRESS OFFICER: Pavis Devahasadin
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- @IMFSpokesperson
IMF Press Release No. 24/124, April 22, 2024