By: Tommy Sidikie
Christian Saborowski, Deputy Division Chief of the International Monetary Fund (IMF), paid a courtesy visit to President Dr. Julius Maada Bio at State House. The meeting aimed to update the President on the progress of ongoing negotiations under the Extended Credit Facility (ECF).
Minister of Finance Sheku Ahmed Fantamadi Bangura reported that the IMF team had been in the country for two weeks, engaging in discussions with the government’s economic team regarding a new arrangement under the ECF. He highlighted the productivity of the negotiations, commending the President and his economic team for their dedication to sound fiscal policy.
Saborowski expressed gratitude towards President Bio for his commitment to collaboration with the IMF. He praised the decline in inflation rates, reinforcing the IMF’s commitment to building a stronger partnership with the Sierra Leonean government, particularly in enhancing the value of the mining sector.
President Bio welcomed Saborowski and his team, expressing appreciation for the IMF’s continued support during the negotiation process and for the upcoming credit facility. He noted that with the completion of the current negotiations, approval of the ECF is expected in November 2024, emphasizing Sierra Leone’s close relationship with the IMF.
The President attributed the financial gains achieved under his administration to prudent economic policies, pointing out the stability of the exchange rate. He 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.
