{
  "title": "Sierra Leone: 2019 Article IV Consultation, Second Review Under the Extended Credit Facility Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review",
  "publication": "IMF Staff Country Reports, April 17, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/04/17/sierra-leone-2019-article-iv-consultation-second-review-under-the-extended-credit-facility-49345",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2020/04/17/sierra-leone-2019-article-iv-consultation-second-review-under-the-extended-credit-facility-49345",
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  "summary": "This paper discusses Sierra Leone’s 2019 Article IV Consultation, Second Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion. Sierra Leone continued to make good progress under the IMF-supported program.",
  "sections": [
    {
      "heading": "Executive summary and overall assessment",
      "content": "- Sierra Leone continued to make good progress under the IMF-supported program.\n- The program’s medium-term goals remain appropriate to enable future growth and development.\n- The dramatic onset of the global coronavirus disease 2019 pandemic poses significant near-term risks.\n- Combating the economic fallout of the crisis and protecting the health of Sierra Leoneans should be the immediate priority.\n- The authorities’ cautious fiscal policy has been important in stabilizing domestic borrowing needs and allowing inflation pressures to ease."
    },
    {
      "heading": "Key findings",
      "content": "- Fiscal policy and implementation\n  - Authorities have made commendable progress in mobilizing domestic revenue and prudent execution of budgeted expenditures.\n  - Stabilized domestic borrowing needs and eased inflationary pressures were noted as outcomes of the cautious fiscal stance.\n- Fiscal and debt risks\n  - Managing fiscal risks and securing debt sustainability remain the medium-term priority.\n  - A strategic plan for the two state-owned banks is instrumental in addressing underlying fiscal risks.\n- Public financial management and arrears\n  - Deeper public financial management reforms will further improve budget planning and execution, including preventing new arrears.\n- Revenue mobilization\n  - Continued revenue mobilization will require both tax administration and policy reforms.\n- Health and COVID-19\n  - The global COVID-19 pandemic presents significant near-term economic and health risks that require immediate policy focus."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Immediate priorities\n  - Combat the economic fallout from COVID-19.\n  - Protect the health of Sierra Leoneans.\n- Medium-term priorities\n  - Manage fiscal risks and secure debt sustainability.\n  - Implement deeper public financial management reforms to improve budget planning and execution and prevent new arrears.\n  - Advance tax administration and policy reforms to sustain revenue mobilization.\n  - Develop and execute a strategic plan for the two state-owned banks to reduce contingent fiscal risks."
    },
    {
      "heading": "Publication metadata and identifiers (extracted)",
      "content": "- Publication date: April 17, 2020\n- Pages: 152\n- Series: Country Report No. 2020/116\n- Issue: 116\n- Volume: 2020\n- DOI: https://doi.org/10.5089/9781513541273.002\n- ISBN: 9781513541273\n- ISSN: 1934-7685\n\nInternational Monetary Fund. Sierra Leone: 2019 Article IV Consultation, Second Review Under the Extended Credit Facility Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review (April 17, 2020).\n\n---\n\n Content in this bundle\n\n- 1sleea2020001\n  - 1sleea2020001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1sleea2020001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 17, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513541273.002",
    "Sierra Leone continued to make good progress under the IMF-supported program.",
    "The program’s medium-term goals remain appropriate to enable future growth and development.",
    "The dramatic onset of the global coronavirus disease 2019 pandemic poses significant near-term risks.",
    "Combating the economic fallout of the crisis and protecting the health of Sierra Leoneans should be the immediate priority.",
    "The authorities’ cautious fiscal policy has been important in stabilizing domestic borrowing needs and allowing inflation pressures to ease.",
    "Fiscal policy and implementation",
    "Fiscal and debt risks",
    "Public financial management and arrears",
    "Revenue mobilization",
    "Immediate priorities",
    "Medium-term priorities",
    "Publication date: April 17, 2020",
    "Pages: 152",
    "Series: Country Report No. 2020/116",
    "Issue: 116",
    "Volume: 2020",
    "DOI: https://doi.org/10.5089/9781513541273.002",
    "ISBN: 9781513541273",
    "ISSN: 1934-7685",
    "**1sleea2020001**"
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