Sierra Leone will receive $50.3 million in financing from the International Monetary Fund (IMF) under a rapid credit facility (RCF). This was announced by the institution in a statement issued on Monday, March 15, 2021.
The money will be used to meet the country’s balance of payments and fiscal needs, which have sharply increased due to the covid-19 pandemic. To date, Sierra Leone has reported 3,938 cases of Covid-19 with 79 deaths.
“Sierra Leone is grappling with serious and persistent effects of the COVID-19 pandemic. While the immediate health risks appear contained, 2021 will be another challenging year. The economic and social impact is likely to be protracted, exacerbating longstanding development challenges and the strained financing situation,” said Tao Zhang, IMF Deputy Managing Director, who however hails the authorities’ swift response against the pandemic.
In the past year, the government has increased spending on health and other priority expenditures to strengthen the resilience of the economy to the pandemic. A special credit facility has been established by the Bank of Sierra Leone to facilitate the supply of food to the country, despite the disruption of supply chains due to restrictions adopted to stop the spread of the disease.
According to the Bretton Woods institution, the new emergency funding will ensure that the authorities can sustain their response and recovery efforts.
For 2021, the IMF expects a growth of 2.7% for the country after a contraction of -3.1% in 2020.
Moutiou Adjibi Nourou
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
• IFAD initiates a program worth $358.26 million to bolster dairy sector in Kenya, Rwanda, Tanzania, and Uganda • The program, called DaIMA, aims...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...