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IMF Says Bio’s Steps Are Good

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IMF Says Bio’s Steps Are Good

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Summarizing its Sierra Leone Economy Review Report, this is what the IMF says:

“Since emerging from a decade-long civil war in 2001, the country has made notable economic progress but has also suffered occasional setbacks, such as the Ebola Virus Disease epidemic of 2014.

“A three-year ECF arrangement was approved June 2017 to help address Sierra Leone’s macroeconomic weaknesses—in particular, low revenue, elevated inflation, high public debt, and inadequate foreign exchange reserve buffers—which had been exacerbated by the Ebola crisis and a collapse in iron ore prices (Country Report No. 17/154).

However, the programme went off track shortly after approval as lackluster revenue revenue performance and expenditure overruns led to a budget cash shortfall and a growing stock of budget arrears.”

It adds that “this government has taken a number of corrective actions over the last six months with the aim of reviving the program engagement with the IMF.”

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