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Cover IMF Staff Country Reports
Sierra Leone: Third and Fourth Reviews Under the Extended Credit Facility Arrangement and Financing Assurances Review, Requests for Waivers for Nonobservance of Performance Criteria and Modification of Performance Criteria, and Requests for Rephasing and Augmentation of Access Under the Extended Credit Facility-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper discusses Sierra Leone’s Third and Fourth Reviews Under the Extended Credit Facility Arrangement and Financing Assurances Review, Requests for Waivers for Nonobservance of Performance Criteria (PC) and Modification of PC. Program implementation has been good, notwithstanding the shocks that the economy has experienced. Despite missing several end-2014 PCs, owing to the Ebola outbreak, authorities have placed policies back on track. All end-June 2015 PCs, as well as most structural benchmarks, have been observed. The IMF staff supports the authorities’ requests for waivers, as well as for additional financing from the IMF.
Keywords:
ISCR; CR; SDR; disbursement of SDR; financing; Executive Board's discussion; BSL operation; exchange rate; financial asset; debt service; Ebola; Commercial banks; Budget planning and preparation; Global; Africa
Cover IMF Staff Country Reports
Sierra Leone: Staff Report for the 2016 Article IV Consultation and Fifth Review Under the Extended Credit Facility and Financing Assurances Review and Request for an Extension of the Extended Credit Facility—Informational Annex
International Monetary Fund. African Dept.

Catastrophe Containment and Relief (CCR) Trust. Safeguards Assessment : The 2015 safeguards assessment found that despite the Ebola epidemic, the Bank of Sierra Leone (BSL) has maintained essential operations and related controls. Governance bodies were reconstituted without delay, following the expiration of the previous terms, and the Audit Committee continued its oversight of BSL operations. However, the modernization of the internal audit function, recommended by an independent external quality assessment, has not been fully completed. While financial statements

Keywords:
ISCR; CR; debt; disbursement Sierra Leone; ECF arrangement; authority; Sierra Leonean authorities; BSL operation; cash flow; financial asset; consumer price index mission; liability positions vis-à-vis nonresident; External sector statistics; Balance of payments statistics; Consumer price indexes; Monetary statistics; Financial statistics
Cover IMF Staff Country Reports
Statement by Peter Ngumbullu, Executive Director for Sierra Leone and Joseph Tekman Kanu, Senior Advisor to Executive Director
International Monetary Fund

investment levels in support of the required level of growth, the authorities will facilitate and create environment for private sector development and an improved investment climate. This will improve the overall fiscal balance, with potential solvency and profitability problems in the banking system being addressed, and more attention being paid to the mobilization of longer-term resources through institutions like insurance companies and pension funds. 11. The Bank of Sierra Leone (BSL) operations are to be strengthened, especially in improving open market operations

Keywords:
ISCR; CR; GDP; disbursement; PRGF arrangement; PRGF loan; inflation; monetary policy stability; authorities effort; expenditure side; Sierra Leonean authorities; Current account deficits; Poverty reduction strategy; Non-renewable resources
Cover IMF Staff Country Reports
Sierra Leone: Sierra Leone—Third and Fourth Reviews Under the Extended Credit Facility Arrangement and Financing Assurances Review, Requests for Waivers for Nonobservance of Performance Criteria and Modification of Performance Criteria, and Requests for Rephasing and Augmentation of Access Under the Extended Credit Facility—Informational Annex
International Monetary Fund. African Dept.

, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust. Safeguards Assessment: The 2015 safeguards assessment found that despite the Ebola epidemic, the Bank of Sierra Leone (BSL) has maintained essential operations and related controls. Governance bodies were reconstituted without delay, following the expiration of the previous terms, and the Audit Committee continued its oversight of BSL operations. However, the modernization of the internal audit function, recommended by an independent external

Keywords:
ISCR; CR; SDR; disbursement of SDR; financing; liability positions vis-à-vis nonresident; delivery date; SDR equivalent; GDP estimate; SDR equivalent in million; Balance of payments statistics; Monetary statistics; External sector statistics; Financial statistics
Cover IMF Staff Country Reports
Sierra Leone: Request for a Three–Year Arrangement Under the Poverty Reduction and Growth Facility
International Monetary Fund
This paper discusses Sierra Leone’s Request for a Three-Year Arrangement under the Poverty Reduction and Growth Facility (PRGF). Sierra Leone has made considerable progress during the last PRGF-supported program toward macroeconomic stability. Macroeconomic performance was generally strong, and structural reforms sought to establish a foundation for sound public finances and the effective conduct of macroeconomic policies. There were slippages in fiscal performance in 2005, but the government took corrective actions during the last quarter of the year to bring performance in line with the budget.
Keywords:
ISCR; CR; GDP; disbursement; PRGF arrangement; PRGF loan; inflation; Sierra Leonean authorities; anti-corruption effort; PRGF-supported program; Poverty reduction strategy; Total expenditures; Debt relief; Sub-Saharan Africa; West Africa
Cover IMF Staff Country Reports
Sierra Leone: Request for a Three–Year Arrangement Under the Poverty Reduction and Growth Facility
International Monetary Fund

rural areas. In the short-term, specific measures would be needed to address potential solvency and profitability problems in the banking system. Reforms would also focus on the mobilization of longer-term resources through suitable institutions, such as insurance companies and pension funds; specific reforms would be guided by the conclusions of the Financial Sector Assessment Program (FSAP), which is now envisioned in early 2006. 22. A number of measures would also aim at strengthening Bank of Sierra Leone’s (BSL) operations . They pertain to improving existing

Keywords:
ISCR; CR; GDP; disbursement; PRGF arrangement; PRGF loan; inflation; Sierra Leonean authorities; exchange rate; debt relief; U.S. dollar; private sector
Cover IMF Staff Country Reports
Sierra Leone: 2016 Article IV Consultation and Fifth Review Under the Extended Credit Facility and Financing Assurances Review and Request for an Extension of the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone
International Monetary Fund. African Dept.
This 2016 Article IV Consultation highlights that economic outcomes in Sierra Leone have deteriorated sharply over the past two years. Growth declined dramatically from 20.7 percent in 2013, to 4.6 percent in 2014, and further to –21.1 percent in 2015. The budget is under severe pressure. Between mid-2014 and end-2015, the Leone depreciated 22 percent against the U.S. dollar. Banking sector vulnerabilities have increased. Living standards have also deteriorated significantly since late 2014. The medium-term outlook is somewhat positive, with growth projected to recover to 4.3 percent in 2016, increasing gradually to about 6.5 percent by 2020.
Keywords:
ISCR; CR; debt; disbursement Sierra Leone; ECF arrangement; authority; Sierra Leonean authorities; Ebola economic recovery plan; BSL plan; Commercial banks; Budget planning and preparation; Debt sustainability analysis; Global