(Ecofin Agency) - Upon the completion of the second review under the Extended Credit Facility signed with Sierra Leone, the International Monetary Fund has approved the immediate disbursement of SDR15.555 million, or about $21.13 million, in favor of the country. The new investment brings the amount disbursed under this arrangement to SDR46.665 million (about $63.39 million).
According to the institution, Sierra Leone has made great progress so far but the economy could face huge short-term impacts with the new coronavirus pandemic. IMF initially saw the country’s GDP growth at 4.6% this year, against 4.7% last year.
The ECF program was signed on November 30 for 43 months and SDR124.44 million (about $172.1 million) has been granted overall. It aims to create fiscal space for development needs by strengthening income mobilization, limiting current spending and improving the effectiveness of public investment.