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An IMF team visited Sierra Leone this month and continued discussions during the recent Spring Meetings in Washington D.C.
The new agreement would come under the Extended Credit Facility (ECF), a program designed to help countries address balance of payment problems. It follows the conclusion of the previous ECF arrangement in November 2023.
Both sides agree on most policy measures for the new program, focusing on achieving economic stability and managing debt, and furthering discussions planned for September to finalize details.
Maintaining tight fiscal and monetary policies, along with preserving foreign reserves, remains crucial.
Authorities implemented significant economic adjustments in 2023 and early 2024. These measures are starting to show results, with a stable exchange rate and declining inflation.
However, additional adjustments are needed to ensure debt sustainability. There’s also high financing needs and low foreign reserves.
The IMF acknowledges the productive discussions and thanks Sierra Leone for their hospitality. Continued economic discipline will be essential until a new agreement is finalized.
ABJ/APA
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