## Sierra Leone: Eighth Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review

_IMF Staff Country Reports, November 27, 2023_

## Source details

**Canonical URL:** [Sierra Leone: Eighth Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review](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)

## Other formats

- [Markdown version](/en/publications/cr/issues/2023/11/28/sierra-leone-eighth-review-under-the-extended-credit-facility-arrangement-request-for-a-541789/index.md)
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## Bibliographic details
- Published: November 27, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400260018.002

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### Overview and Context
- 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.

### Key Findings
- 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.
- Monetary policy will need to tighten sharply to bring inflation down and stabilize the Leone.

### Fiscal and Debt Policy Recommendations
- Fiscal policy:
  - Implement tax revenue measures.
  - Exercise steadfast expenditure restraint.
  - Support the most vulnerable parts of the population while implementing fiscal consolidation.
- Debt policy:
  - Support stabilization and debt sustainability with an ambitious updated debt management strategy.

### Thematic Coverage
- Subject areas covered in the report include:
  - Budget planning and preparation
  - Debt sustainability
  - External debt
  - International organization
  - Monetary policy
  - Public debt
  - Public financial management (PFM)
  - Revenue administration

- Keywords highlighted:
  - Budget planning and preparation
  - Debt sustainability
  - ECF arrangement
  - Global
  - monetary policy stance
  - Policy implementation
  - policy slippage
  - Sierra Leonean authorities
  - West Africa

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## Content in this bundle

- **1sleea2023002 - Executive Summary**
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_Source: 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_