{
  "title": "Sierra Leone: Eighth Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review",
  "publication": "IMF Staff Country Reports, November 27, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/11/28/sierra-leone-eighth-review-under-the-extended-credit-facility-arrangement-request-for-a-541789",
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  "summary": "This paper presents Sierra Leone’s Eight Review under the Extended Credit Facility (ECF) Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review.",
  "sections": [
    {
      "heading": "Overview and Context",
      "content": "- This paper presents Sierra Leone’s Eight Review under the Extended Credit Facility (ECF) Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review.\n- Successive shocks and policy slippages contributed to a build-up in macroeconomic imbalances in recent years.\n- The Sierra Leonean authorities have taken bold steps to tighten macroeconomic policies, but reform implementation is challenging amid the large adjustment need and the ongoing cost of living crisis.\n- As the arrangement under the ECF-supported program for Sierra Leone ends, continued reform momentum will be critical in restoring macroeconomic stability and containing risks to debt sustainability."
    },
    {
      "heading": "Key Findings",
      "content": "- A decisive macroeconomic tightening is needed to restore stability and contain risks to debt sustainability.\n- As macroeconomic policies tighten further, efforts to protect the most vulnerable are a priority.\n- Monetary policy will need to tighten sharply to bring inflation down and stabilize the Leone."
    },
    {
      "heading": "Fiscal and Debt Policy Recommendations",
      "content": "- Fiscal policy:\n  - Implement tax revenue measures.\n  - Exercise steadfast expenditure restraint.\n  - Support the most vulnerable parts of the population while implementing fiscal consolidation.\n- Debt policy:\n  - Support stabilization and debt sustainability with an ambitious updated debt management strategy."
    },
    {
      "heading": "Thematic Coverage",
      "content": "- Subject areas covered in the report include:\n  - Budget planning and preparation\n  - Debt sustainability\n  - External debt\n  - International organization\n  - Monetary policy\n  - Public debt\n  - Public financial management (PFM)\n  - Revenue administration\n\n- Keywords highlighted:\n  - Budget planning and preparation\n  - Debt sustainability\n  - ECF arrangement\n  - Global\n  - monetary policy stance\n  - Policy implementation\n  - policy slippage\n  - Sierra Leonean authorities\n  - West Africa\n\n---\n\n Content in this bundle\n\n- 1sleea2023002 - Executive Summary\n  - 1sleea2023002 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1sleea2023002 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 27, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400260018.002",
    "This paper presents Sierra Leone’s Eight Review under the Extended Credit Facility (ECF) Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review.",
    "Successive shocks and policy slippages contributed to a build-up in macroeconomic imbalances in recent years.",
    "The Sierra Leonean authorities have taken bold steps to tighten macroeconomic policies, but reform implementation is challenging amid the large adjustment need and the ongoing cost of living crisis.",
    "As the arrangement under the ECF-supported program for Sierra Leone ends, continued reform momentum will be critical in restoring macroeconomic stability and containing risks to debt sustainability.",
    "A decisive macroeconomic tightening is needed to restore stability and contain risks to debt sustainability.",
    "As macroeconomic policies tighten further, efforts to protect the most vulnerable are a priority.",
    "Fiscal policy:",
    "Debt policy:",
    "Subject areas covered in the report include:",
    "Keywords highlighted:",
    "**1sleea2023002 - Executive Summary**"
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