In a significant achievement for Sierra Leone, President Julius Maada Bio announced on Monday that the International Monetary Fund (IMF) has approved the immediate disbursement of approximately $20.7 million.

This development follows the successful completion of the Sixth and Seventh Reviews under the Extended Credit Facility (ECF) program, which reinstated Sierra Leone in the program in 2018 and made available a total of $172.1 million to the nation.

Expressing his satisfaction with the recent approval, President Bio stated, “This is yet another vote of confidence in the measures we continue to put in place to manage the economy in this uncertain global economic environment.”

The disbursement will play a crucial role in tackling key economic challenges, such as reducing inflation, mobilizing revenue, ensuring debt sustainability, safeguarding financial stability, and maintaining external resilience against shocks.

President Bio emphasized the transparency and accountability of his administration’s public spending, which has fostered mutual trust between the government and multilateral agencies.

He extended his gratitude to the IMF’s Executive Board and management for their confidence in his Sierra Leone People’s Party (SLPP) administration.

The president reaffirmed his government’s commitment to pursuing structural reforms, essential for reducing vulnerabilities to corruption and promoting private sector development.

Additionally, the administration aims to enhance the business climate, strengthen the governance of crucial institutions, and support the public accountability framework, anti-corruption efforts, and the effective rule of law.

Sierra Leone is poised to benefit from the IMF’s financial support, allowing the government to implement necessary measures to boost economic growth and stability.

With the backing of the international community, President Bio’s administration is determined to navigate the challenges ahead and ensure a prosperous future for Sierra Leone.