The International Monetary Fund (IMF) announced on Friday that Sierra Leone has requested a new 38-month Extended Credit Facility (ECF) valued at approximately $253 million.
According to the IMF, its staff and Sierra Leonean authorities have reached a preliminary agreement on economic policies and reforms that the facility could support, pending approval by the IMF’s Executive Board.
“The new ECF arrangement aims to restore stability by strengthening debt sustainability, addressing fiscal imbalances, reducing inflation, and rebuilding reserves,” the IMF stated.
Additionally, the program would promote inclusive growth through reforms and contribute to anti-corruption efforts, the statement added.