FREETOWN, Dec. 17 (Xinhua) -- The International Monetary Fund (IMF) on Tuesday agreed to disburse a loan of approximately 79.8 million U.S. dollars to Sierra Leone, a move expected to bolster the country's development priorities.
The IMF Executive Board completed the first and second reviews of the Sierra Leone's Extended Credit Facility arrangement, allowing for the immediate disbursement, the IMF said in a press release.
The IMF's decision highlights Sierra Leone's strong macroeconomic stability, prudent fiscal policy, and accelerated reforms that reflect the government's dedication to sustainable economic growth and resilience, said Sierra Leone's Minister of Finance Sheku Ahmed Fantamadi Bangura while hosting the team.
This infusion came at a crucial time as the country's inflation rates have declined, the local currency Leone remains stable, and economic growth is projected at 4.4 percent in 2025, he said.
The ministry has implemented measures to tighten fiscal policy and strengthen revenue mobilization, while the Bank of Sierra Leone has ensured monetary stability, aiding in the restoration of economic confidence, the minister noted.
The completion of the IMF reviews not only marks a procedural milestone but also reflects international confidence in Sierra Leone's economic strategies, Bangura said, noting that the newly available resources will support programs designed to uplift households, create opportunities for youth, and protect the most vulnerable communities while ensuring continued fiscal and monetary stability.
Bangura reiterated the country's commitment to disciplined economic management and to accelerating reforms that promote a stable, inclusive, and prosperous Sierra Leone. ■