Sierra Leone: Second and Third Reviews Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waivers of Nonobservance of Performance Criteria, Request for Modification of Performance Criteria, and Financing Assurances Review: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Sierra Leone.
IMF Staff Country Reports, December 20, 2011
Source details
- Canonical URL
- Sierra Leone: Second and Third Reviews Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waivers of Nonobservance of Performance Criteria, Request for Modification of Performance Criteria, and Financing Assurances Review: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Sierra Leone.
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Bibliographic details
- Published: December 20, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781463929152.002
Key findings and near-term outlook
- Real GDP growth picked up to about 5 percent in 2010–11.
- The commencement of an iron ore megaproject in 2012 is expected to boost GDP and exports substantially.
- Sierra Leone’s economic activity is expanding, and the medium-term outlook is favorable.
Fiscal policy, program performance, and monetary interactions
- Fiscal tightening was implemented through strengthening of revenue collection and containing domestically financed capital spending.
- Reduced central bank direct credit to government contributed to meeting program targets.
- Program ceilings for net credit to government and net domestic assets were met by substantial margins in June 2011.
Policy implications and priorities (implied by program actions)
- Continue strengthening revenue collection to support fiscal tightening.
- Contain domestically financed capital spending to preserve program targets.
- Maintain reduced central bank direct credit to government to support macroeconomic stability ahead of large resource-related shocks (e.g., the iron ore megaproject in 2012).
Thematic coverage (as listed)
- Budget planning and preparation
- Fuel prices
- National accounts
- Prices
- Producer price indexes
- Public debt
- Public financial management (PFM)
Sierra Leone: Second and Third Reviews Under the Three-Year Arrangement Under the Extended Credit Facility...; December 20, 2011.