Sierra Leone: First and Second Reviews Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria-Press Release; and Statement by the Executive Director for Sierra Leone

International Monetary Fund

No 2026/040, IMF Staff Country Reports from International Monetary Fund

Abstract: The first review of the ECF was delayed amid program slippages last year. The authorities exceeded the 2024 budget deficit by a sizable margin, and the BSL helped finance the overruns. At the same time, higher-than-expected government spending on imports and energy subsidies substantially depleted the BSL’s foreign exchange reserves. The authorities have since tightened policies, contributing to a sustained decline in inflation and a welcome fall in borrowing costs. However, pressures on reserves remain unabated.

Pages: 115
Date: 2026-02-13
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