FREETOWN — A technical mission from the International Monetary Fund (IMF) has commenced the first and second reviews of Sierra Leone’s $248.5 million Extended Credit Facility (ECF) programme, approved in October 2024. The programme, which began with an initial disbursement of $46.6 million, aims to strengthen macroeconomic stability, promote inclusive growth, and enhance governance.
During a courtesy meeting held on Monday, 29 September 2025, the Head of Mission, Garth Peron Nicholls, met with Financial Secretary Matthew Dingie and senior officials at the Ministry of Finance to outline the scope of the two-week review. The discussions will cover both technical and policy matters, including revenue performance, expenditure rationalisation, domestic interest rates, financing needs, and tax reform strategies.
Nicholls also confirmed that the review will extend to the Resilience and Sustainability Facility (RSF), an IMF lending instrument designed to support long-term structural reforms addressing climate change and economic resilience.
Financial Secretary Dingie welcomed the mission and affirmed the government’s readiness to provide all necessary data. He reported that inflation has declined to approximately 5.85%, the exchange rate remains stable, and domestic interest rates have dropped. Despite revenue shortfalls, the Ministry has implemented expenditure rationalisation measures and remains optimistic that the National Revenue Authority will meet its targets by the end of the third quarter.
“These reviews are critical to the successful implementation of both the ECF and RSF programmes,” Dingie stated, adding that the government is committed to meeting all structural benchmarks and corrective actions agreed with the IMF by the end of November 2025.
The outcome of the reviews will determine the release of a second disbursement under the ECF programme. Meanwhile, Sierra Leone is preparing a formal request for RSF access, which, if approved at 75% of the country’s IMF quota, could unlock approximately $210 million in additional funding.
The technical mission will also finalise reform details, including implementation timelines, responsible agencies, coordination mechanisms, and partner involvement, reinforcing Sierra Leone’s commitment to sustainable development and fiscal resilience.
source: Communication Unit, Ministry of Finance