Sierra Leone: 2022 Article IV Consultation and Fifth Review under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, Modifications of Performance Criteria, and Financing Assurance Review-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone
IMF Staff Country Reports, July 29, 2022
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- Sierra Leone: 2022 Article IV Consultation and Fifth Review under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, Modifications of Performance Criteria, and Financing Assurance Review-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone
Other formats
Bibliographic details
- Published: July 29, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400215803.002
Summary and main findings
- Presents Sierra Leone’s 2022 Article IV Consultation and Fifth Review under the Extended Credit Facility (ECF) Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, Modifications of Performance Criteria, and Financing Assurance Review.
- The economic recovery from the pandemic has been set back by the impact of the war in Ukraine and the medium-term outlook remains challenging.
- Successive external shocks have contributed toward mixed performance under the ECF arrangement.
- The authorities have committed to strong corrective actions to bring the fiscal situation under control.
- Sierra Leone continues to pursue its development path amidst continued vulnerability to shocks and capacity needs.
Economic outlook, shocks, and performance under the program
- External shocks include effects from the war in Ukraine, which have set back post-pandemic recovery.
- Medium-term outlook characterized as challenging due to vulnerability to shocks.
- Mixed performance under the ECF arrangement attributed to successive external shocks.
Policy commitments and staff recommendations
- Authorities committed to strong corrective actions to restore fiscal control.
- Sustained efforts to strengthen governance are essential to:
- Reduce vulnerabilities to corruption.
- Foster private sector development and growth.
- Ensure more effective delivery of public services.
- Ensuring the financial and operational independence of the supreme audit institution is a priority.
- Continued progress encouraged on:
- Human capital development.
- Climate adaptation.
- Expansion of social-safety nets.
Subject areas and keywords (as provided)
- Subject: External debt, International organization, Monetary policy, Prices, Public debt, Public financial management (PFM)
- Keywords: Africa, BSL rate, Budget planning and preparation, Debt sustainability, Global, Inflation, memorandum of economic policy, Sierra Leone's constitution, staff appraisal, Sub-Saharan Africa, supplementary letter of intent
Content in this bundle
- 1sleea2022001