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Sierra Leone: 2024 Article IV Consultation and Request for a 38-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Sierra Leone

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  • International Monetary Fund

Abstract

This paper presents Sierra Leone’s 2024 Article IV Consultation and Request for a 38-Month Arrangement under the Extended Credit Facility (ECF). The ECF-supported program will help Sierra Leone restore stability by bolstering debt sustainability, addressing fiscal dominance, bringing down inflation and rebuilding reserves; support inclusive growth through reforms and targeted social spending; confront corruption, and strengthen governance, institutions, and the rule of law. The new ECF arrangement integrates well with the National Development Plan 2024–30 in addressing these challenges. It aims to tighten fiscal policy by enhancing revenue mobilization, boosting spending efficiency, and strengthening public financial management and debt management. Monetary policy will remain appropriately tight, while maintaining a flexible exchange rate, and strengthening financial sector oversight and regulation, and building a strong financial safety net. The ECF arrangement will also support inclusive growth through targeted social spending and structural reforms, including by promoting gender equality, strengthening customs administration, building a strong social safety net, and bolstering governance, institutions, and the rule of law.

Suggested Citation

  • International Monetary Fund, 2024. "Sierra Leone: 2024 Article IV Consultation and Request for a 38-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Direct," IMF Staff Country Reports 2024/321, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2024/321
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