IMF Concludes Fourth Review of Sierra Leone’s ECF Programme
Sia Lucy Kannah The Ministry of Finance and the International Monetary Fund (IMF) have concluded the fourth review of Sierra Leone’s Extended Credit Facility (ECF) Programme and the first review of the Resilience and Sustainability Facility (RSF), commending the country’s efforts to restore macroeconomic stability while warning of emerging global risks that could undermine recent gains.
Addressing the meeting, IMF Mission Chief Jeta Menkulasi said the team had engaged with various economic and governance institutions and observed significant progress in Sierra Leone’s economic reform agenda over the past three years. She highlighted improvements in inflation management, fiscal consolidation and the stabilisation of key macroeconomic indicators as evidence of the Government’s commitment to economic recovery.
However, she warned that external shocks, including ongoing tensions in the Middle East, rising global energy and fuel prices, and renewed inflationary pressures, could undermine the progress made. She urged the Government to sustain its reform efforts and introduce stronger policy measures to address emerging economic challenges in 2027.
Key discussions during the review centred on public debt management, domestic arrears, foreign exchange reserves, domestic revenue mobilisation and governance reforms aimed at strengthening economic resilience.
Menkulasi thanked the Government of Sierra Leone for its cooperation throughout the review process and expressed optimism that, subject to the fulfilment of agreed actions, the IMF Executive Board would consider and approve the reviews and associated disbursement at its December meeting.
Welcoming the mission’s findings, Minister of Finance Kerefa A.F. Kargbo reaffirmed the Government’s commitment to implementing reforms aimed at promoting sustainable economic growth and maintaining macroeconomic stability.
He acknowledged that external shocks continue to pose significant challenges to small and vulnerable economies such as Sierra Leone but said the Government remains focused on improving public financial management and strengthening economic resilience.
The Minister outlined ongoing measures to improve arrears and contract management, strengthen cash management systems, regulate foreign exchange expenditure and increase foreign exchange repatriation by major companies operating in the trade, agriculture and mining sectors.