IMF says Sierra Leone wants a new $253 million project

Friday, the International Monetary Fund (IMF) said that Sierra Leone had asked for a new Extended Credit Facility (ECF) deal worth about $253 million that would last for 38 months.

The Fund said that its staff and the Sierra Leonean government had come to an understanding at the staff level on economic policies and reforms that the facility could help with. This agreement still needs to be approved by the IMF’s Executive Board.

“The new ECF arrangement would aim to restore stability by bolstering debt sustainability, addressing fiscal dominance, bringing down inflation and rebuilding reserves,” the IMF said in a report.

It was also said that the deal would help fight corruption and support growth that benefits everyone through changes.