## Sierra Leone: First and Second Reviews Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria-Press Release; and Statement by the Executive Director for Sierra Leone

_IMF Staff Country Reports, February 13, 2026_

## Source details

**Canonical URL:** [Sierra Leone: First and Second Reviews Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria-Press Release; and Statement by the Executive Director for Sierra Leone](https://www.imf.org/en/publications/cr/issues/2026/02/12/sierra-leone-first-and-second-reviews-under-the-extended-credit-facility-arrangement-573929)

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## Bibliographic details
- Published: February 13, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229039345.002

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### Key findings and program slippages
- The first review of the ECF was delayed amid program slippages in the prior year.
- The authorities exceeded the 2024 budget deficit by a sizable margin.
- The Bank of Sierra Leone (BSL) helped finance the 2024 budget overruns.
- Higher-than-expected government spending on imports and energy subsidies substantially depleted the BSL’s foreign exchange reserves.
- Pressures on reserves remain unabated.

### Macroeconomic developments and policy impact
- Authorities have tightened policies following the slippages.
- These policy adjustments contributed to a sustained decline in inflation.
- There has been a welcome fall in borrowing costs following the policy tightening.

### Subject focus and keywords (as stated)
- Subject: Debt service, Expenditure, External debt, Public debt
- Keywords: authorities commitment, central bank, Debt service, Global, government support, Net International Reserves, Policy discussion, Sierra Leonean authorities

### Publication metadata (from the content)
- Date: February 13, 2026
- Series: Country Report No. 2026/040
- Volume: 2026
- Issue: 040
- Pages: 115
- DOI: https://doi.org/10.5089/9798229039345.002
- ISBN: 9798229039345
- ISSN: 1934-7685

*International Monetary Fund. Sierra Leone: First and Second Reviews Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria-Press Release; and Statement by the Executive Director for Sierra Leone (IMF Staff Country Report No. 2026/040), February 13, 2026.*

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_Source: https://www.imf.org/en/publications/cr/issues/2026/02/12/sierra-leone-first-and-second-reviews-under-the-extended-credit-facility-arrangement-573929_