## 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

_IMF Staff Country Reports, April 17, 2020_

## Source details

**Canonical URL:** [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](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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## Bibliographic details
- Published: April 17, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513541273.002

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### Executive summary and overall assessment
- 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.

### Key findings
- Fiscal policy and implementation
  - Authorities have made commendable progress in mobilizing domestic revenue and prudent execution of budgeted expenditures.
  - Stabilized domestic borrowing needs and eased inflationary pressures were noted as outcomes of the cautious fiscal stance.
- Fiscal and debt risks
  - Managing fiscal risks and securing debt sustainability remain the medium-term priority.
  - A strategic plan for the two state-owned banks is instrumental in addressing underlying fiscal risks.
- Public financial management and arrears
  - Deeper public financial management reforms will further improve budget planning and execution, including preventing new arrears.
- Revenue mobilization
  - Continued revenue mobilization will require both tax administration and policy reforms.
- Health and COVID-19
  - The global COVID-19 pandemic presents significant near-term economic and health risks that require immediate policy focus.

### Policy recommendations and priorities
- Immediate priorities
  - Combat the economic fallout from COVID-19.
  - Protect the health of Sierra Leoneans.
- Medium-term priorities
  - Manage fiscal risks and secure debt sustainability.
  - Implement deeper public financial management reforms to improve budget planning and execution and prevent new arrears.
  - Advance tax administration and policy reforms to sustain revenue mobilization.
  - Develop and execute a strategic plan for the two state-owned banks to reduce contingent fiscal risks.

### Publication metadata and identifiers (extracted)
- 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

*International 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).*

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_Source: 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_