A mission from the International Monetary Fund (IMF) has begun the first and second reviews of the $248.5 million Extended Credit Facility (ECF) Programme, which was approved in October 2024. The programme, which included an immediate disbursement of $46.6 million, aims to address key economic challenges in Sierra Leone.
The objectives of the programme are interconnected, focusing on enhancing debt sustainability, maintaining low inflation, building foreign exchange reserves, and supporting inclusive growth through structural reforms and targeted spending. Additionally, it seeks to strengthen governance by tackling corruption and improving institutions and the rule of law.
As part of these efforts, during a courtesy meeting with the Financial Secretary and senior management of the Ministry of Finance on Monday, 29th September 2025, the Head of Mission, Garth Peron Nicholls, explained that the two-week review will focus on both technical and policy issues concerning the ECF.
The discussions will also include the Resilience and Sustainability Facility (RSF) programme. Nicholls noted that key topics for review will include government revenue, expenditures, domestic interest rates, financing needs, tax reforms, and other related issues.
In his remarks, the Financial Secretary, Matthew Dingie, welcomed the IMF mission, stating that the government is fully prepared to undergo the reviews and has the necessary data readily available. He highlighted the following points Inflation is currently at around 5.85%, the exchange rate has remained stable, domestic interest rates have been reduced, the Ministry of Finance has effectively rationalized expenditures despite shortfalls in revenue targets.
Building on these points, Dingie expressed optimism that the revenue measures currently in place will help the National Revenue Authority (NRA) meet its targets by the end of the third quarter of 2025. He further emphasized that the successful completion of these reviews is crucial for the effective implementation of both the ECF and RSF programmes.
The reviews will also consider corrective actions agreed upon with the IMF to ensure that all structural benchmarks and commitments are met by the end of November 2025. Successful completion of the combined first and second reviews will result in a second disbursement under the programme.
The Resilience and Sustainability Facility (RSF) is an IMF lending tool aimed at supporting long-term structural reforms that address climate change and enhance economic resilience. Sierra Leone is preparing a request for RSF access, which will run in parallel with the ongoing ECF programme. If approved at 75% of the quota, the RSF would provide approximately USD 210 million.
This advanced technical mission will finalize the details of the planned reforms, including implementation plans, timelines, responsible agencies, coordination mechanisms, partner involvement, and other technical considerations.
