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

Sierra Leone

WASHINGTON, 22 November 2024 / PRN Africa / -- Summary

Political and social stability have been tested by a cost-of-living crisis, a coup attempt, and allegations of electoral fraud. To help maintain calm, the ruling coalition and the opposition released a joint statement promoting a constructive political dialogue. The Tripartite Committee facilitated by the UN published its recommendations to strengthen the electoral system. External shocks and suboptimal policies contributed to substantial macroeconomic imbalances following the Covid-19 pandemic. A new economic team has taken action to stabilize the economy and reduce debt-related risks, but additional efforts will be needed, including to protect the most vulnerable. The Extended Credit Facility (ECF) arrangement will serve as a critical policy anchor, and strong ownership will be key.

SOURCE International Monetary Fund (IMF)