The International Monetary Fund (IMF) approved a $172.1 million extended credit facility for Sierra Leone, a release published by the Bretton Woods institution last Friday informed.

According to the release, this credit facility is aimed at helping the country address the new economic challenges that appeared in June 2017 and, at the same time implement a favourable environment for long-term growth.

The country will namely correct fiscal slippages, improve revenue mobilization and control spendings to meet fiscal sustainability and middle-term growth goals. "The goals of the new program remain focused on reducing inflation, mobilizing revenue to allow for necessary spending consistent with debt sustainability, safeguarding financial stability, and maintaining external resilience to shocks", said Tao Zhang (photo), deputy managing director of the IMF.

Let’s note that the approval of this new credit facility leads to the immediate disbursement of $21.5 million to Sierra Leone.

Moutiou Adjibi Nourou