In a week-long mission to Sierra Leone, Dr. Montfort Mlachila, the Deputy Director of the African Department at the International Monetary Fund (IMF), emphasized the need for continued vigilance in addressing economic challenges, despite acknowledging the government’s progress in implementing the Extended Credit Facility (ECF) programme.
During his visit from February 14th to 16th, 2024, Dr. Mlachila engaged in discussions with key officials including the Minister of Finance, the Governor of the Bank of Sierra Leone, and the National Revenue Authority to assess the current state of the economy and discuss strategies for future economic development.
While commending the government for its commitment to the ECF programme and efforts to address economic issues, Dr. Mlachila cautioned that challenges persist. He highlighted concerns over the lingering inflation and the adverse impact of the country’s current debt situation on social spending. Stressing the importance of budget credibility and strict adherence to Public Financial Management (PFM) rules, he urged the government to prioritize these aspects, particularly in managing economic shocks.
In response, Minister of Finance Sheku Ahmed Fantamadi Bangura expressed gratitude for the recognition of the government’s dedication to reforms aligned with national aspirations. He assured Dr. Mlachila of the government’s diligence in consolidating fiscal measures, despite facing constraints, including recent security challenges affecting expenditure and revenue.
Moreover, at a reception held in honor of Dr. Mlachila, Dr. Ibrahim Stevens, the Governor of the Bank of Sierra Leone, reiterated the government’s commitment to addressing economic concerns. He urged the IMF to consider the government’s intentions and dedication to achieving macroeconomic stability, which is crucial for enhancing the livelihoods of Sierra Leoneans.
The discussions underscored the importance of sustained cooperation between Sierra Leone and the IMF in navigating economic challenges and fostering sustainable development. As Sierra Leone continues its journey towards economic stability, collaboration with international partners remains essential to overcoming existing hurdles and building a prosperous future for its citizens.
©MOF Communications
