By Bobor Dan Kamara
The International Monetary Fund Executive Board has approved 253 million United States dollars as 38-month Extended Credit Facility (ECF) arrangement for Sierra Leone.
According to the Ministry of Finance, this was done in accordance with the 2024 Article IV consultations on 31 October 2024 and is geared towards restoring stability through continued macro economic adjustment to address debt vulnerabilities, reduce inflation and rebuild international reserves.
The credit facility is in line with poverty reduction through structural reforms as enshrined in the country’s Medium Term National Development Plan (MTNDP) 2024-30.
While the IMF Board of Directors commended the leadership of President Bio for its stewardship in achieving sustained reform momentum and efforts to improve macroeconomic condition despite amid challanges, they also urged the Government to implement the agreed reforms under the ECF in an effort to achieve the objectives of the Medium Term National Development Plan (NDP 2024-30).
The Minister of Finance Mr. Sheku Ahmad Fantamandi Bangura expressed his profound gratitude to the Executive Board of the IMF, underscoring that the reforms are for the betterment for all and sundry. He pledges Government’s commitment to a transparent and accountable public financial management that will help reduce poverty and provide basic necessities for the people of Sierra Leone.
He further pledged strict adherence to the implementation under the said ECF arrangement.
