Sierra Leone has requested a 38-month Extended Credit Facility (ECF) from the International Monetary Fund, valued at approximately $253 million, according to the IMF on Friday.
IMF staff and Sierra Leonean authorities have reached a staff-level agreement on a range of economic policies and reforms. The deal is pending approval from the IMF’s Executive Board.
The proposed ECF program is aimed at restoring economic stability by improving debt sustainability, curbing inflation, and rebuilding the nation’s reserves. Additionally, the arrangement will promote inclusive growth through structural reforms and support the country’s fight against corruption, the IMF said in its statement.