IMF Mission Begins First and Second Reviews of Extended Credit Facility Programme
A mission from the International Monetary Fund (IMF) has begun the first and second reviews of Sierra Leone’s $248.5 million Extended Credit Facility (ECF) programme, approved in October 2024 with an initial disbursement of $46.6 million.
The mission, led by Garth Peron Nicholls, met with Financial Secretary Matthew Dingie and senior officials of the Ministry of Finance on Monday, September 29, 2025, to launch the two-week review. The discussions will cover technical and policy issues, including revenue and expenditure performance, domestic interest rates, financing needs, and tax reforms.
Nicholls said the mission would also examine the government’s performance under the Resilience and Sustainability Facility (RSF) programme, which complements the ECF. He noted that both reviews would determine the next disbursement under the facility.
Welcoming the delegation, Dingie highlighted progress in stabilising the economy, pointing to inflation at 5.85 percent, a stable exchange rate, reduced domestic interest rates, and expenditure rationalisation despite revenue shortfalls. He expressed optimism that recent revenue measures would enable the National Revenue Authority to meet targets by the end of the third quarter.
The reviews will also assess corrective measures agreed with the IMF to meet structural benchmarks and commitments by the end of November 2025.
Alongside the ECF, Sierra Leone is preparing a request for RSF access estimated at $210 million—equivalent to 75 percent of its IMF quota. The RSF is designed to support long-term reforms to address climate change and strengthen economic resilience.
According to the Ministry of Finance, the technical mission will finalise details of the reforms, including implementation timelines, responsible agencies, and coordination mechanisms.
