{ "title": "IMF Executive Board Approves US$50 million Disbursement to Sierra Leone to Address the Continuing Impact of the COVID 19 Pandemic", "publication": "IMF News, March 15, 2021", "sourceUrl": "https://www.imf.org/en/news/articles/2021/03/15/imf-executive-board-approves-us-50-million-disbursement-to-sierra-leone", "canonical": "https://www.imf.org/en/news/articles/2021/03/15/imf-executive-board-approves-us-50-million-disbursement-to-sierra-leone", "overlayPath": "/en/news/articles/2021/03/15/imf-executive-board-approves-us-50-million-disbursement-to-sierra-leone/index.md", "summary": "Executive Board approved a disbursement of SDR 35.26 million (US$50.37 million or 17 percent of quota) under the Rapid Credit Facility (RCF).", "publishDate": "2021-03-15", "sections": [ { "heading": "Key decision", "content": "- Executive Board approved a disbursement of SDR 35.26 million (US$50.37 million or 17 percent of quota) under the Rapid Credit Facility (RCF).\n- Approval date: March 15, 2021.\n- Press Release No. 21/69." }, { "heading": "Rationale and immediate purpose", "content": "- Purpose: to help meet urgent balance of payments and fiscal needs stemming from the deep and persistent impact of the COVID-19 pandemic.\n- The disbursement is intended to help the authorities maintain their response and recovery efforts in 2021." }, { "heading": "Economic and social impact of COVID-19 in Sierra Leone", "content": "- The authorities’ quick and decisive actions mitigated the impact of the COVID-19 pandemic, helping prevent a larger loss of life and even deeper economic costs.\n- The pandemic will have long-lasting economic and social effects, with concerns about shrinking incomes, rising poverty, inequality, and food insecurity.\n- Containment measures disrupted the transport of goods within the country, with a heavy impact on the services sector.\n- Exports weakened significantly in 2020 due to weaker mining production and lower global demand.\n- The crisis exacerbated setbacks to the Government’s revenue mobilization goals and strained fiscal financing and debt position." }, { "heading": "Authorities’ policy response and programs", "content": "- Health and containment:\n - Scaled up health and other priority spending in 2020, consistent with the Quick Action Economic Recovery Programme.\n - Effective deployment of resources benefiting from lessons of the Ebola health crisis.\n- Measures to preserve supply and livelihoods:\n - Bank of Sierra Leone (BSL) introduced a special facility for importers to help prevent disruptions to the supply of food and essential goods.\n - Quick Action Economic Response Programme included support to farmers, direct cash transfers to vulnerable households, and labor-intensive public works.\n- 2021 budget: continues to prioritize COVID-19 and recovery-related spending within a tight budget envelope." }, { "heading": "IMF assessment and messages from management", "content": "- Statement by Mr. Tao Zhang, Deputy Managing Director and Acting Chair:\n - Sierra Leone is grappling with serious and persistent effects of the COVID-19 pandemic; while immediate health risks appear contained, 2021 will be another challenging year.\n - Emergency financing under the RCF will help meet urgent external and fiscal financing needs in 2021.\n - Authorities continue to strengthen governance, including transparently reporting on their COVID-19 response and publishing details of large emergency‑related procurement contracts.\n - Authorities remain committed to maintaining macroeconomic and fiscal stability in line with their medium-term reform program supported by the Extended Credit Facility.\n - Steps are being taken to address vulnerabilities to debt sustainability, with IMF technical assistance.\n - Sierra Leone’s large development needs and tight financing situation will require concessional support, ideally grants, from the international community in the coming years." }, { "heading": "Risks and financing needs", "content": "- Continued support from development partners is described as vital to recapture pre-crisis momentum and ensure a sustainable, inclusive recovery.\n- The economic and social impact is likely to be protracted, exacerbating longstanding development challenges and the strained financing situation." }, { "heading": "Contact for media", "content": "- IMF Communications Department, MEDIA RELATIONS\n- PRESS OFFICER: Meera Louis\n- Phone: +1 202 623-7100\n- Email: MEDIA@IMF.org\n- @IMFSpokesperson\n\nIMF press release: March 15, 2021 — Press Release No. 21/69\n\n---\n\n\n References\n\n- Tao Zhang\n- Sierra Leone and the IMF\n- Press Releases\n- PRESS CENTER\n- Rapid Credit Facility\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2021/03/15/imf-executive-board-approves-us-50-million-disbursement-to-sierra-leone" } ], "bullets": [ "[Markdown version](/en/news/articles/2021/03/15/imf-executive-board-approves-us-50-million-disbursement-to-sierra-leone/index.md)", "[Structured JSON version](/en/news/articles/2021/03/15/imf-executive-board-approves-us-50-million-disbursement-to-sierra-leone/index.json)", "[Bundle manifest](/en/news/articles/2021/03/15/imf-executive-board-approves-us-50-million-disbursement-to-sierra-leone/bundle-manifest.json)", "Published: March 15, 2021", "Executive Board approved a disbursement of SDR 35.26 million (US$50.37 million or 17 percent of quota) under the Rapid Credit Facility (RCF).", "Approval date: March 15, 2021.", "Press Release No. 21/69.", "Purpose: to help meet urgent balance of payments and fiscal needs stemming from the deep and persistent impact of the COVID-19 pandemic.", "The disbursement is intended to help the authorities maintain their response and recovery efforts in 2021.", "The authorities’ quick and decisive actions mitigated the impact of the COVID-19 pandemic, helping prevent a larger loss of life and even deeper economic costs.", "The pandemic will have long-lasting economic and social effects, with concerns about shrinking incomes, rising poverty, inequality, and food insecurity.", "Containment measures disrupted the transport of goods within the country, with a heavy impact on the services sector.", "Exports weakened significantly in 2020 due to weaker mining production and lower global demand.", "The crisis exacerbated setbacks to the Government’s revenue mobilization goals and strained fiscal financing and debt position.", "Health and containment:", "Measures to preserve supply and livelihoods:", "2021 budget: continues to prioritize COVID-19 and recovery-related spending within a tight budget envelope.", "Statement by Mr. Tao Zhang, Deputy Managing Director and Acting Chair:", "Continued support from development partners is described as vital to recapture pre-crisis momentum and ensure a sustainable, inclusive recovery.", "The economic and social impact is likely to be protracted, exacerbating longstanding development challenges and the strained financing situation.", "IMF Communications Department, MEDIA RELATIONS", "PRESS OFFICER: Meera Louis", "Phone: +1 202 623-7100", "Email: MEDIA@IMF.org", "@IMFSpokesperson", "[Tao Zhang](https://www.imf.org/en/About/senior-officials/Bios/tao-zhang)", "[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/)", "[Rapid Credit Facility](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/08/Rapid-Credit-Facility)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2021/03/15/imf-executive-board-approves-us-50-million-disbursement-to-sierra-leone/index.md", "json": "/en/news/articles/2021/03/15/imf-executive-board-approves-us-50-million-disbursement-to-sierra-leone/index.json", "bundleManifest": "/en/news/articles/2021/03/15/imf-executive-board-approves-us-50-million-disbursement-to-sierra-leone/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T00:14:14.826Z" }