By Saidu Jalloh, D.S. Reporter
A mission from the International Monetary Fund (IMF) has initiated the first and second reviews of Sierra Leone’s $248.5 million Extended Credit Facility (ECF) Programme, which was approved in October 2024, accompanied by an immediate disbursement of $46.6 million.
The objectives of the programme are interlinked, focusing on debt sustainability, maintaining low inflation, and building foreign reserves while promoting inclusive growth through structural reforms and targeted spending. Additionally, it aims to enhance governance by combating corruption and strengthening institutions and the rule of law.
During a courtesy meeting on September 29, 2025, with the Financial Secretary and senior management of the Ministry of Finance, the Head of Mission, Garth Peron Nicholls, outlined that the two-week review will cover both technical and policy aspects related to the ECF. Discussions will also extend to the Resilience and Sustainability Facility (RSF) programme.
Nicholls noted that the review will focus on key issues such as revenue, expenditures, domestic interest rates, financing needs, tax reforms, and related matters.
Financial Secretary Matthew Dingie expressed his appreciation for the mission, stating that the government is prepared for the reviews and has the necessary data at hand. He highlighted that inflation currently stands at approximately 5.85%, with a stable exchange rate and reduced domestic interest rates. Dingie also mentioned the Ministry of Finance’s efforts to rationalize expenditure despite revenue shortfalls.
Emphasizing the government’s optimism, Dingie indicated that with the new revenue measures in place, the National Revenue Authority aims to meet its targets by the end of the third quarter. He stressed that these reviews are essential for the successful implementation of both the ECF and RSF programmes.
The reviews will assess the corrective actions agreed upon with the IMF to fulfill all structural benchmarks and commitments by the end of November 2025. Successful completion of these combined reviews will pave the way for a second disbursement.
The RSF is an IMF lending tool designed to support long-term structural reforms addressing climate change and enhancing resilience. Sierra Leone is preparing a request for RSF access concurrently with the ongoing ECF-supported programme, which, if approved at 75% of the quota, could yield approximately $210 million.
This advanced technical mission will finalize details of the necessary reforms, including implementation plans, timelines, responsible agencies, coordination mechanisms, and other technical considerations.
For further inquiries, please contact Daily Scope Newspaper at dailyscopemedia@gmail.com.
