The Executive Board of the International Monetary Fund has completed its 6th review of the Extended Credit Facility (ECF) which was agreed in 2013 involving the disbursement of $253.81million (SDR186.66million).
The Executive Board at its meeting this week okayed the last disbursement of $33.23million (SDR24.44million) to complete the $253.81 million.
This brings to an end the 3 year IMF program which will officially close at the end of this December.
As things stand Sierra Leone does not have any program with the IMF although negotiations are expected to begin on crafting a new program.
The Executive Board in its usually “supportive” statements said “Looking ahead, policy should focus on continuing to anchor economic stability through sound fiscal, monetary, and debt policies while making faster progress on structural reforms. Diversifying growth, making it more inclusive and distributing its benefits more widely should be the overriding focus of economic policy.”
According to the release “the Executive Board also approved a request for waiver for the non-observance of the continuous performance criterion on the net present value of the external debt and the non-introduction of multiple currency practices given corrective measures taken by the authorities.”
Tuesday December 13, 2016