By Amin Kef (Ranger)
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, which was approved in October 2024 with an initial disbursement of $46.6 million.
The ECF seeks to address debt sustainability, maintain low inflation and build reserves while supporting inclusive growth through structural reforms and targeted expenditure. It also prioritizes governance reforms, particularly tackling corruption, strengthening institutions and upholding the rule of law.
During a courtesy meeting with the Financial Secretary, Matthew Dingie and senior Management of the Ministry of Finance on Monday, 29th September 2025, the Head of Mission, Garth Peron Nicholls, confirmed that the two-week review will cover both technical and policy issues. Discussions will also extend to Sierra Leone’s preparations for the Resilience and Sustainability Facility (RSF) programme.
Garth Peron Nicholls highlighted that the review will focus on revenue performance, expenditure management, domestic interest rates, financing needs and tax reforms. He emphasized that corrective actions and structural benchmarks agreed with the Fund must be met by the end of November 2025.
Welcoming the mission, Financial Secretary, Matthew Dingie, noted that the Government is ready to engage fully with all necessary data provided. He outlined progress made in stabilizing the economy, including a reduction in inflation to 5.85%, a stable exchange rate, declining domestic interest rates and tighter expenditure management despite revenue shortfalls.
Matthew Dingie expressed optimism that measures already taken will enable the National Revenue Authority (NRA) to catch up with targets by the end of the third quarter. He underscored that the reviews are critical to the continued implementation of the ECF and the RSF programmes.
The successful completion of these combined reviews will pave the way for a second disbursement under the ECF. Meanwhile, Sierra Leone is preparing a formal request for RSF access, estimated at about $210 million (75% of the IMF quota). The RSF is designed to finance long-term reforms that address climate change and build resilience.
According to the Ministry of Finance, the advanced technical mission will finalize reform details, including implementation plans, timelines, coordination mechanisms, partner engagement and institutional responsibilities.
