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The Deputy Division Chief of the International Monetary Fund (IMF), Christian Saborowski, paid a courtesy visit to President Julius Maada Bio at State House.
The meeting which was held on Wednesday 11th September 2024, aimed to update the President on the progress of ongoing negotiations under the Extended Credit Facility (ECF).
During the visit, Minister of Finance Sheku Ahmed Fantamadi Bangura reported that the IMF team had been in the country for two weeks and had engaged in discussions with the government’s economic team regarding a new arrangement under the ECF.
Saborowski expressed his gratitude toward President Bio for his steadfast commitment to collaboration with the IMF. He highlighted that the ongoing negotiations have been productive, commending both the President and his economic team for their dedication to sound fiscal policy.
The Deputy Division Chief also praised the decline in inflation rates within the country, reinforcing the IMF’s commitment to building a stronger partnership with the Sierra Leonean government, particularly in enhancing the value of the mining sector. He noted that with the completion of the current negotiations, approval of the ECF is expected in November 2024, emphasizing that Sierra Leone is close to the heart of IMF.
In response, President Bio welcomed Saborowski and his team, expressing appreciation for the continued support from the IMF during the negotiation process and for the upcoming credit facility. He attributed the financial gains achieved under his administration to prudent economic policies, pointing out the stability of the exchange rate. The President emphasized the importance of consolidating these economic gains moving forward.
President Bio expressed optimism that the new ECF would further strengthen the country’s economy and reiterated the government’s commitment to effective fiscal policies and collaboration with the IMF.
