Sierra Leone achieved a significant milestone as President Julius Maada Bio announced on Monday that the International Monetary Fund (IMF) has granted approval for the immediate disbursement of approximately $20.7 million. This positive development comes after the successful completion of the Sixth and Seventh Reviews under the Extended Credit Facility (ECF) program. Sierra Leone rejoined the program in 2018 and has since received a total of $172.1 million in financial assistance.
President Bio expressed his satisfaction with the recent approval, stating, "This is yet another vote of confidence in the measures we continue to implement to effectively manage the economy in the face of global economic uncertainties." The disbursement will play a crucial role in addressing key economic challenges such as reducing inflation, enhancing revenue generation, ensuring sustainable debt levels, safeguarding financial stability, and bolstering external resilience against unforeseen shocks.
The President emphasized the transparency and accountability of his administration's public spending, which has fostered a sense of trust between the government and multilateral agencies. He extended his gratitude to the IMF's Executive Board and management for their confidence in his Sierra Leone People's Party (SLPP) administration.
President Bio reaffirmed his government's commitment to pursuing structural reforms that are vital in reducing vulnerability to corruption and fostering private sector development. The administration also aims to improve the business climate, strengthen the governance of crucial institutions, and support public accountability frameworks, anti-corruption efforts, and the effective rule of law.
Sierra Leone is well-positioned to benefit from the financial support provided by the IMF, enabling the government to implement necessary measures to boost economic growth and stability. With the backing of the international community, President Bio's administration remains determined to navigate the challenges that lie ahead and ensure a prosperous future for Sierra Leone.