IMF Approves Disbursement of $172.1 Million to Sierra Leone

LAGOS (Capital Markets in Africa) – The International Monetary Fund’s executive board approved disbursement of $172.1 million to Sierra Leone under a 43-month extended credit facility program.

“The executive board’s decision enables an immediate disbursement of $21.5 million to Sierra Leone,” the Washington-based lender said Wednesday in an emailed statement. “The remaining amount will be phased over the duration of the program, subject to semi-annual reviews.”

The program is aimed at reducing inflation, mobilizing revenue to allow for necessary spending consistent with debt sustainability, safeguarding financial stability and maintaining external resilience to shocks, according to the statement.

Sierra Leone’s economy is expected to expand as much as 5.1 percent by 2021, compared with 3.7 percent projected this year. Average inflation is seen decelerating to 11.1 percent in 2021, compared with 16.6 percent expected this year, according to the IMF.

Source: Bloomberg Business News