IMF Completes Key Sierra Leone Reviews
The International Monetary Fund (IMF) has completed its fourth review under Sierra Leone’s Extended Credit Facility (ECF) programme and its first review under the Resilience and Sustainability Facility (RSF), setting the stage for a potential funding decision by the IMF Executive Board in December.
The announcement followed high-level discussions in Freetown between an IMF mission and senior officials from the Ministry of Finance, the Bank of Sierra Leone, and the National Revenue Authority on Tuesday, November 10, 2026.
IMF Mission Chief Jeta Menkulasi recognized significant progress in Sierra Leone’s economic reform program over the past three years, highlighting improvements in inflation management, fiscal consolidation, and overall macroeconomic stability. However, she cautioned that international risks including Middle East tensions, global energy price volatility, and renewed inflationary pressures—could undermine these gains, urging the government to sustain reform momentum ahead of 2027.
The discussions encompassed public debt management, domestic arrears clearance, foreign exchange reserve building, revenue mobilization, and governance reforms. Menkulasi expressed optimism that the IMF Executive Board would approve the reviews and associated disbursements at its December meeting, contingent upon Sierra Leone fulfilling remaining agreed actions.
Finance Minister Kerefa A.F. Kargbo reaffirmed the government's commitment to economic growth, outlining key public financial management measures such as tighter cash systems, improved contract oversight, and enhanced foreign exchange repatriation.
Additionally, Bank of Sierra Leone Governor Dr. Brima Stevens reported on monetary policy and reserves currently standing at about 1.8 months of import cover while Financial Secretary Matthew Dingie expressed confidence in a favorable board outcome.
Sierra Leone’s ECF programme was originally approved on October 31, 2024, to foster fiscal stability. The RSF, approved on June 18, 2026, provides SDR 155.55 million in financing to support long-term climate resilience and structural policy reforms.
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