By Kadijatu Bangura, Daily Scope Reporter
A technical mission from the International Monetary Fund (IMF) has initiated discussions with Sierra Leonean officials regarding the potential unlocking of $210 million from the Resilience and Sustainability Facility (RSF). This funding aims to support long-term structural reforms addressing climate change and enhancing national resilience.
The RSF is an IMF lending mechanism that will be accessed alongside the ongoing Extended Credit Facility (ECF) program. If approved at a 75% quota, the facility is set to provide approximately $210 million, with the implementation of reforms scheduled over a two-year period, culminating by the end of 2027.
During the opening discussions on Monday, September 29, Acting Finance Minister Kadiatu Allie emphasized the necessity of aligning timelines and content across various government agencies involved in the process. Key agencies participating in the discussions include the Ministries of Finance, Environment, Planning and Economic Development, and the National Disaster Management Agency.
Sellu McCarthy, Head of the Climate Finance Unit at the Ministry of Finance, highlighted that progress will be assessed through four semi-annual reviews conducted alongside ECF evaluations. Each successful milestone in the reform program will trigger proportional disbursements of the RSF loan.
The proposed reform measures focus on critical areas such as climate governance, infrastructure resilience, fiscal planning, social protection, sustainability of water utilities, and financial sector reporting. Representatives from the World Bank have urged for additional technical discussions to ensure a clear and shared understanding of the reform process.
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