In a press release dated November 1, the Ministry of Finance announced that the International Monetary Fund (IMF) Executive Board has approved a new US$253 million, 38-month Extended Credit Facility (ECF) arrangement for Sierra Leone.
The Ministry of Finance stated, “The Executive Board of the International Monetary Fund (IMF) concluded the 2024 Article IV Consultations on October 31, 2024, and approved a new 38-month ECF Arrangement for Sierra Leone, valued at US$253 million.”
The ECF program aims to support stability through continued macroeconomic adjustments to address debt vulnerabilities, reduce inflation, rebuild international reserves, and promote inclusive growth and poverty reduction. It also focuses on structural reforms and targeted social spending to strengthen governance and institutions in line with the country’s Medium-Term National Development Plan (MTNDP) 2024–30.
The press release highlighted the IMF Board of Directors’ commendation of the Government of Sierra Leone for its sustained reform momentum and efforts to improve macroeconomic conditions despite a challenging socio-economic environment affected by pandemics and regional security concerns.
The Board also encouraged the government to continue implementing reforms under the ECF arrangement to achieve the objectives of the National Development Plan (2024–2030). Key areas of focus include narrowing gender gaps, enhancing customs administration, building a robust social safety net, and proactively addressing climate-related risks.
Minister of Finance Sheku Ahmed Fantamadi Bangura expressed gratitude to the IMF Executive Board, stating that the reforms align with the country’s best interests. He reiterated the government’s commitment to transparent and accountable public financial management aimed at reducing poverty and delivering social services to the people of Sierra Leone. The Minister pledged strong program ownership and the steadfast implementation of the ECF arrangement, including contingency measures essential for restoring macroeconomic stability, ensuring debt sustainability, and fostering inclusive growth.
