A mission from the International Monetary Fund, (IMF), has commenced the first and second reviews of the $248,5 million Extended Credit Facility Programme that was approved in October 2024 with immediate disbursement of $46.6 million.

The programme’s objectives are interconnected, aiming to address debt sustainability, maintain low inflation, and build reserves while also supporting inclusive growth through structural reforms and targeted spending. In addition, it seeks to strengthen governance by tackling corruption and improving institutions and the rule of law.

In line with these objectives, 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 forthcoming two-week review will address both technical and policy issues regarding the ECF.

Furthermore, the discussions will extend to the RSF programme.

He noted that the discussions will examine revenue, expenditures, domestic interest rates, financing needs, tax reforms, and other matters.

Making his statement, the Financial Secretary, Matthew Dingie, welcomed the mission, noting that the government is prepared to go through the reviews with the necessary data available.

He informed them that inflation is now around 5.85%, the stability of the exchange rate, the reduction in domestic interest rates, and how the Ministry of Finance has been able to rationalise expenditure even with the shortfall in revenue targets.

Building on these themes, the Financial Secretary emphasised the government’s optimism that, with the revenue measures put in place, the National Revenue Authority will catch up by the end of quarter 3. He further highlighted that these reviews are crucial to the successful implementation of the Extended Credit Facility (ECF) and Resilience and Sustainability Facility (RSF) programmes.

This review considers the corrective actions agreed upon with the Fund to meet all structural benchmarks and commitments by the end of November 2025.

These combined first and second reviews of the country’s economic performance under the programme will lead to a second disbursement.

The Resilience and Sustainability Facility (RSF) is an IMF lending instrument designed to support long-term structural reforms that address climate change and enhance resilience.

Sierra Leone is preparing a request for RSF access in parallel with the ongoing ECF-supported program. If approved with access at 75% of the quota, the RSF would provide approximately USD 210 million.

This advanced Technical Mission would finalise details of the reforms, including implementation plans, timeline, responsible agencies, coordination mechanism, partner involvement, and other technical issues.

©MoF Communications