The International Monetary Fund (IMF) announced, on Thursday, October 31, 2024, the granting of significant financial assistance of USD 248.5 million to Sierra Leone. This support, which is part of an Extended Credit Facility (ECF) program over a period of 38 months, aims to strengthen the country's economic stability and support its long-term development goals

An immediate initial disbursement of 46.6 million USD was approved, marking the start of this ambitious program. The Extended Credit Facility is in line with the goals of Sierra Leone's 2024-2030 National Development Plan, a project aimed at improving the living conditions of the population while consolidating economic growth and reducing poverty. By focusing on structural reforms and targeted social policies, the FEC program aspires to bring inflation down to an acceptable level, strengthen public debt sustainability, improve foreign exchange reserves, and strengthen economic governance

According to the IMF, this aid meets the critical priorities of Sierra Leone, which seeks to protect itself against external economic shocks while pursuing its own internal reforms. By addressing the structural challenges of their economies, especially in the mining and agricultural sectors, local authorities have demonstrated their commitment to steer the country towards sustainable growth.