IMF Boosts Salone Economy with $21.13M
By Augustine James
- The Executive Board of the International Monetary Fund (IMF), on Friday, 3rd April 2020 announced the disbursement of $21.13 million to Sierra Leone, after completing its second review of the country’s economic performance, under the program supported by the IMF’s Extended Credit Facility (ECF).
This brings the total disbursements under this IMF arrangement to about US$63.39 million.
According to the IMF, the $21.13 Million underscores the Fund’s ongoing commitment to help Sierra Leone tackle any potential economic fallout from the COVID-19 pandemic, which analysts are expecting to be massive – possibly running into hundreds of millions of Dollars.
Sierra Leone economy is facing massive challenges, with falling export revenue after the government’s decision to terminate and suspend the operations of several mining companies in the country.
In the last three years, the country’s currency – the Leone, has seen a drop of over 40% in its value, against key global currencies; unemployment – especially youth unemployment is over 70%; and rising cost of living is seriously affecting millions of households.