WASHINGTON, DC: The Executive Board of the International Monetary Fund (IMF) today approved the disbursement of SDR 103.7 million (US$143 million or 50 percent of quota) under the Rapid Credit Facility (RCF) to Sierra Leone to help meet the urgent balance of payments and fiscal needs stemming from the COVID‑19 pandemic.
The COVID-19 pandemic is severely impacting Sierra Leone’s economy. A sharp contraction in external demand, and vital steps to contain the spread of the virus, are disrupting domestic activity and important mineral exports.
The authorities have taken swift action to combat the effects of the crisis, increasing health spending and social protection for the most vulnerable, as well as steps to support the private sector and secure critical supplies to address food insecurity. These substantial needs, together with the already tight financing situation, underline the importance of Fund support, and additional support from the international community.
In the context of their broader commitment to strengthen governance, the authorities are taking steps to ensure transparency and accountability in executing pandemic-related measures.
IMF staff are working closely with the authorities to provide technical and policy advice to help Sierra Leone as it battles the pandemic.
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