{
  "title": "Sierra Leone: Request for An Extended Arrangement Under the Extended Credit Facility-Press Release; Debt Sustainability Analysis; Staff Statement; and Statement by the Executive Director for Sierra Leone",
  "publication": "IMF Staff Country Reports, December 18, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/12/18/sierra-leone-request-for-an-extended-arrangement-under-the-extended-credit-facility-press-46480",
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  "summary": "Sierra Leone is a fragile state. Since emerging from a decade-long civil war in 2001, the country has made notable economic progress but has also suffered occasional setbacks, such as the Ebola Virus Disease epidemic of 2014.",
  "sections": [
    {
      "heading": "Background and macroeconomic context",
      "content": "- Sierra Leone is a fragile state that \"since emerging from a decade-long civil war in 2001, the country has made notable economic progress but has also suffered occasional setbacks, such as the Ebola Virus Disease epidemic of 2014.\"\n- A three-year ECF arrangement was approved June 2017 to address macroeconomic weaknesses, in particular:\n  - \"low revenue\"\n  - \"elevated inflation\"\n  - \"high public debt\"\n  - \"inadequate foreign exchange reserve buffers\"\n- These weaknesses had been \"exacerbated by the Ebola crisis and a collapse in iron ore prices (Country Report No. 17/154).\""
    },
    {
      "heading": "Program performance, setbacks, and fiscal developments",
      "content": "- Program timeline and status:\n  - \"A three-year ECF arrangement was approved June 2017.\"\n  - The program \"went off track shortly after approval.\"\n- Causes of program slippage:\n  - \"lackluster revenue performance\"\n  - \"expenditure overruns\"\n  - Resulting fiscal consequences:\n    - \"a budget cash shortfall\"\n    - \"a growing stock of budget arrears\"\n- Program review interruption:\n  - \"With the authorities unable to take corrective actions ahead of the March 2018 presidential elections the first review of the program was put on hold.\""
    },
    {
      "heading": "Political developments and corrective actions",
      "content": "- Political change:\n  - \"Since then elections have produced a new government, marking the first change of power in ten years.\"\n- Actions by the new authorities:\n  - \"This government has taken a number of corrective actions over the last six months with the aim of reviving the program engagement with the IMF.\"\n  - The specific corrective actions are not detailed on this page."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject: Budget planning and preparation, Expenditure, External debt, Fiscal policy, Public debt, Public financial management (PFM), Revenue mobilization\n- Keywords: BSL Act, Budget planning and preparation, CR, Global, IMF quota, ISCR, program goal, program projection, public finance management, Revenue mobilization, staff appraisal\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 18, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484391396.002",
    "Sierra Leone is a fragile state that \"since emerging from a decade-long civil war in 2001, the country has made notable economic progress but has also suffered occasional setbacks, such as the Ebola Virus Disease epidemic of 2014.\"",
    "A three-year ECF arrangement was approved June 2017 to address macroeconomic weaknesses, in particular:",
    "These weaknesses had been \"exacerbated by the Ebola crisis and a collapse in iron ore prices (Country Report No. 17/154).\"",
    "Program timeline and status:",
    "Causes of program slippage:",
    "Program review interruption:",
    "Political change:",
    "Actions by the new authorities:",
    "Subject: Budget planning and preparation, Expenditure, External debt, Fiscal policy, Public debt, Public financial management (PFM), Revenue mobilization",
    "Keywords: BSL Act, Budget planning and preparation, CR, Global, IMF quota, ISCR, program goal, program projection, public finance management, Revenue mobilization, staff appraisal",
    "**Country Report**"
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