## IMF Staff Completes Mission to Sierra Leone

_IMF News, October 2, 2018_

## Source details

**Canonical URL:** [IMF Staff Completes Mission to Sierra Leone](https://www.imf.org/en/news/articles/2018/10/02/pr18373-imf-staff-completes-mission-to-sierra-leone)

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## Bibliographic details
- Published: October 2, 2018

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### Mission summary
- An International Monetary Fund (IMF) team led by Brian Aitken visited Freetown from September 18-October 2, 2018, to initiate discussions on a possible Extended Credit Facility (ECF) arrangement that could be supported by the IMF.[1]
- End-of-Mission press releases convey preliminary findings after a visit; the views expressed are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.
- The authorities and the mission reached a broad understanding on economic policies and reforms that could be supported by the IMF in the context of a new ECF arrangement.

### Economic outlook and key indicators
- Output growth is likely to remain below 4 percent this year.
- Inflation remains elevated at 18 percent, reflecting a combination of factors including food and fuel price developments and pass-through from modest exchange rate depreciation.
- The economic environment remains challenging, with output growth still recovering from the recent loss in iron ore mining and reduced activity in the non-mining sectors.

### Policy findings and recommendations
- The IMF team welcomes the authorities’ efforts on:
  - domestic revue mobilization;
  - improvements in expenditure management and control;
  - addressing the outstanding stock of budget arrears;
  - stabilizing public debt and reducing it to sustainable levels; and
  - prioritizing public investments aimed at reducing social and infrastructure gaps.
- The Bank of Sierra Leone’s (BSL) objectives endorsed by the mission:
  - bringing inflation to single digits;
  - increasing foreign exchange reserves to boost resilience to economic shocks; and
  - maintaining financial stability through enhanced bank regulation and supervision.
- The IMF supports efforts to increase the efficiency, effectiveness, transparency and accountability in the use of public resources, while strengthening social protection for the most vulnerable.

### Program discussions and next steps
- Reflecting progress in discussions, the authorities and the mission reached a broad understanding on economic policies and reforms that could be supported by the IMF in the context of a new ECF arrangement.
- Discussions will continue in the coming weeks with a view to presenting the program request to the IMF Executive Board before the end of this year.

### Meetings
- The team met with Vice President Jalloh, Finance Minister Jacob Saffa, Deputy Finance Minister Patricia Lavaley; BSL Deputy Governor Dr. Ibrahim Stevens, senior government and BSL officials, and development partners.

*Source: Press Release No. 18/373, IMF Communications Department, October 2, 2018.*

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## References

- [Sierra Leone and the IMF](http://www.imf.org/external/country/SLE/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Press Release No. 13/410](http://www.imf.org/external/np/sec/pr/2013/pr13410.htm)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2018/10/02/pr18373-imf-staff-completes-mission-to-sierra-leone_