IMF approves next tranche while urging continued reform

IMF Executive Board Completes Sixth Review Under ECF Arrangement for Sierra Leone and Approves US$33.23 Million Disbursement


  • 6 DECEMBER 2016

The Executive Board of the International Monetary Fund (IMF) today completed the sixth review of Sierra Leone’s performance under the economic program supported by an Extended Credit Facility (ECF) arrangement[1]. Completion of the review enables the disbursement of SDR24.44million, about US$33.23million, bringing total disbursements under the arrangement to SDR186.66million (about US$253.81 million). The decision was made on a lapse of time basis[2].

In completing the review, the Executive Board also approved a request for waiver for the non-observance of the continuous performance criterion on the net present value of the external debt and the non-introduction of multiple currency practices given corrective measures taken by the authorities.

Sierra Leone’s ECF arrangement was approved by the Executive Board for SDR 62.22 million (about US$86.86 million) on October 21, 2013 (see Press Release No. 13/410) and was augmented twice (see Press Release 15/86 and Press Release 14/441). It was subsequently extended until end-December 2016 (see PR No 16/314).

The government’s economic reform program supported by the ECF has achieved its key objectives despite the exogenous shocks of the Ebola epidemic and the collapse of iron ore prices and associated loss of production in 2014-2015. It aims at ensuring stronger and more inclusive growth and plays a catalytic role for bilateral and multilateral assistance.

The economy proved resilient, supported by sound macroeconomic policies, together with generous support from development partners that helped ensure fiscal and external sustainability, while providing resources to begin implementing the post-Ebola Recovery Strategy. However, the authorities need more resources to mitigate the long – lasting impact of Ebola and commodities prices shocks.

Despite this improvement, challenges persist. Looking ahead, policy should focus on continuing to anchor economic stability through sound fiscal, monetary, and debt policies while making faster progress on structural reforms. Diversifying growth, making it more inclusive and distributing its benefits more widely should be the overriding focus of economic policy.

[1] The ECF is a lending arrangement that provides sustained program engagement over the medium to long term in case of protracted balance of payments problems.
[2] The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.

Distributed by APO on behalf of International Monetary Fund (IMF).
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Sierra Leone fish export to EU must meet required standard

Sierra Leone urged by EU to enact Fishing Bill

Article based on one by Sidique Fofanah (Intern)
Wednesday December 07, 2016

Sierra Leone News: EU Representative calls for Fishing Bill to be enacted:

Sierra Leone must look into the draft fishing bill and enact them into laws,” Thiery Cozier Head of Cooperation of the European Union said during a consultative meeting held by the EU together with PRECON food management consultancy firm.
The representative emphasised that quality products of fish will help to improve exportation and bolster the country’s economy and that there must be regulations to protect the products. He said that despite existing laws, corruption and bribery had rendered them inactive. He emphasised the importance of safe and sustainable fish packaging which should not lead to pollution. He warned that most of the waste goes to the sea that can compromise the quality of fish.
He urged the country to tackle the issue of illegal fish activities which would help protect  protect the resources. He said illegal fish is costing the country heavily in reaching its International standards. He highlighted that if we do not achieve required international standards it would be a big loss for the country. The EU representative said if the country must invests in fisheries it must also follow the rules to get quality fish. He admonished that there is no formal request to the EU at the moment to get the certificate is Sierra Leone is seeking.
Meanwhile, the CEO of the PRECON Food management consultancy, Yan Moggre said it was left with the government of Sierra Leone to validate the certificate. He said the certification would impact the economic development in the country. He said if the country’s products reached the EU markets it would be a big boost in the fishing sector. He said the certificate would be useful to the EU and other markets in the world saying that EU standards are regarded as one of highest. He concluded that the legal standards must be set to provide laws that would protect fishing activities in the country.

SLIP congratulates Sr.Mary Sweeney

Distinguished Service award from President Michael D. Higgins:

Today President Michael D. Higgins will present a Distinguished Service Award for the Irish Abroad to Sr. Mary D. Sweeney of the Sisters of St. Joseph of Cluny.

Further details of the award can be found on

Information about St. Joseph’s School for the Hearing Impaired which was founded with the help of the people of Makeni by Sr. Mary and the Sisters of St. Joseph of Cluny can be got at the sites below:



Twitter:  Frnds_StJosKids

friends of St Josephs logo

Sierra Leone features in ‘what in the world?’ RTE

RTE TV Programme ‘What in the World’ has special feature on ebola in Sierra Leone focusing on the poverty and under resourced health system which greatly contributed to the fertile environment for the spread of the disease.

The link for the feature programme on the ebola period in Sierra Leone can be found at the link below:

Comments welcome!