Sierra Leone: 2019 Article IV Consultation, Second Review Under the Extended Credit Facility Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review

April 17, 2020

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Format: Chicago

Sierra Leone: 2019 Article IV Consultation, Second Review Under the Extended Credit Facility Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review, (USA: International Monetary Fund, 2020) accessed December 25, 2024

Summary

This paper discusses Sierra Leone’s 2019 Article IV Consultation, Second Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion. Sierra Leone continued to make good progress under the IMF-supported program. While the program’s medium-term goals remain appropriate to enable future growth and development, the dramatic onset of the global coronavirus disease 2019 pandemic poses significant near-term risks. Combating the economic fallout of the crisis and protecting the health of Sierra Leoneans should be the immediate priority. The authorities’ cautious fiscal policy has been important. They have made commendable progress in mobilizing domestic revenue and prudent execution of budgeted expenditures. This has stabilized domestic borrowing needs and allowed inflation pressures to ease. Managing fiscal risks and securing debt sustainability remain the medium-term priority. Continued revenue mobilization will require both tax administration and policy reforms. Deeper public financial management reforms will further improve budget planning and execution, including preventing new arrears. A strategic plan for the two state-owned banks will be instrumental in addressing underlying fiscal risks.

Subject: Arrears, Budget planning and preparation, COVID-19, Expenditure, External debt, Health, Public debt, Public financial management (PFM), Revenue administration

Keywords: Arrears, Authority, Budget planning and preparation, COVID-19, CR, ECF arrangement, ECF review schedule, Executive board discussion, Global, Inflation pressure, ISCR, Sierra Leonean authorities, Staff appraisal, West Africa

Publication Details

Pages:

152
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/116
Stock No:

1SLEEA2020001
ISBN:

9781513541273
ISSN:

1934-7685

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