(Ecofin Agency) - The International Monetary Fund approved the disbursement of $143 million to help Sierra Leone better and swiftly respond to the economic, health, and social challenges stemming from the coronavirus pandemic.

The financing will be used to meet the urgent balance of payments and public finance needs arising from the pandemic while financing increased health spending and social protection for the poorest.

“The COVID‑19 pandemic puts Sierra Leone’s population at risk and is a serious blow to the economy, which has just started to recover. The number of COVID-19 cases is increasing rapidly, threatening the fragile health system. The drop in external demand and essential measures to contain the spread of the virus are sharply curtailing economic activity [...] The shock has generated a large balance of payments need. Emergency financing under the Rapid Credit Facility will help meet this financing gap and create room for pandemic-related spending,” the IMF said.

Calling on the international community to provide additional support to the country, the institution also urged the resumption of fiscal consolidation measures and the acceleration of structural reforms once the crisis is over. As a reminder, Sierra Leone to date has 909 cases of coronavirus, including 47 deaths and 491 recoveries, according to the Africa CDC.

Moutiou Adjibi Nourou