Sierra Leone: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone
IMF Staff Country Reports, June 10, 2020
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- Sierra Leone: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone
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Bibliographic details
- Published: June 10, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513546964.002
Summary of the shock and economic impact
- The coronavirus disease 2019 (COVID-19) pandemic puts Sierra Leone’s population at risk and is a serious blow to the economy, which has just started to recover.
- The number of COVID-19 cases is increasing rapidly, threatening the fragile health system.
- The drop in external demand and essential measures to contain the spread of the virus are sharply curtailing economic activity.
- The shock has generated a large balance of payments need.
Authorities’ policy response
- Authorities are taking decisive actions to mitigate the health and socio-economic impact of the pandemic.
- In collaboration with development partners, they are scaling up urgent health spending.
- Measures introduced include boosting social safety nets and ensuring access to credit for affected businesses.
- Emergency financing under the Rapid Credit Facility (RCF) will help meet the financing gap and create room for pandemic-related spending.
Financing needs, instruments, and appeals
- Emergency financing under the RCF is presented as a tool to meet the identified financing gap and to create fiscal space for pandemic-related spending.
- With significant downside risks and a tight financing situation threatening to reverse Sierra Leone’s progress toward the Sustainable Development Goals, additional grant support from the international community is urgently needed.
- Keywords associated with the request: Budget planning and preparation, COVID-19, CR, Credit, emergency financing request, financing, financing gap, financing situation, Global, IMF lending tracker, ISCR, monetary policy implementation, pandemic.
Policy implications and priorities
- Prioritize scaling up urgent health spending to support the fragile health system.
- Strengthen social safety nets to protect vulnerable populations affected by containment measures.
- Ensure access to credit for affected businesses to limit economic scarring.
- Secure emergency external financing (RCF and additional grant support) to cover the large balance of payments need and preserve progress toward the Sustainable Development Goals.
Publication and metadata
- Publication date: June 10, 2020
- Pages: 44
- Volume: 2020
- Issue: 196
- Series: Country Report No. 2020/196
- DOI: https://doi.org/10.5089/9781513546964.002
- Stock No: 1SLEEA2020003
- ISBN: 9781513546964
- ISSN: 1934-7685
- Subject tags: Budget planning and preparation, COVID-19, Credit, External debt, Health, Money, Public debt, Public financial management (PFM)
IMF Staff Country Reports. Sierra Leone: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone, June 10, 2020.
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- 1sleea2020003