IMF Holds Technical & Policy Review Of Sierra Leone’s $248.5M ECF
from the editorial desk
Freetown, 30th September 2025 —
A mission from the International Monetary Fund (IMF) has begun simultaneous first and second reviews of Sierra Leone’s $248.5 million Extended Credit Facility (ECF), approved in October 2024.
The programme’s initial disbursement of $46.6 million was released immediately after approval, with subsequent disbursements tied to performance reviews and structural benchmarks.
The two-week review, which commenced on Monday, 29th September 2025, will assess both technical and policy aspects of the ECF. According to IMF Head of Mission, Garth Peron Nicholls, discussions will focus on key macroeconomic indicators such as revenue generation, expenditure controls, domestic interest rates, financing needs, and tax reform strategies.
The review will also extend to the Resilience and Sustainability Facility (RSF), a complementary IMF instrument targeting climate-related structural reforms.
Financial Secretary, Matthew Dingie, welcomed the IMF delegation, reaffirming government’s readiness to provide all required data. He reported that inflation has eased to 5.85%, domestic interest rates have declined, and the exchange rate remains stable. Despite shortfalls in revenue targets, Dingie said expenditure rationalization measures are helping to maintain fiscal discipline.
He further expressed optimism that new revenue-enhancing measures will allow the National Revenue Authority (NRA) to meet its targets by the end of the third quarter. Dingie stressed that the outcome of the reviews will be crucial in unlocking the next tranche of ECF funding and advancing Sierra Leone’s RSF request.
Sierra Leone is currently preparing a formal request for RSF access, which, if approved at 75% of the country’s IMF quota, could provide approximately $210 million in additional financing. The IMF technical mission will also finalize reform details, including timelines, implementing agencies, and coordination mechanisms.
The combined reviews will evaluate progress on corrective actions and structural benchmarks agreed with the IMF. All targets must be met by the end of November 2025 to qualify for the next disbursement.
