The International Monetary Fund (IMF) announced on Wednesday have concluded a preliminary agreement (“Staff-Level Agreement”) with the Sierra Leonean authorities concerning the first and second reviews of national program supported by the Extended Credit Facility (ECF).

This agreement, which recognizes the substantial progress made by Freetown in cleaning up its finances and implementing its reforms, paves the way for the imminent release of a financing envelope crucial. The amount allocated is approximately $78.8 million American (the equivalent of 68.5 million special drawing rights).

The announcement of this agreement at the staff level is a signal powerful of the IMF's renewed confidence in the government's commitment Sierra Leoneans to meet the performance criteria set by the institution from Bretton Woods.

The Extended Credit Facility (ECF) is traditionally used to support countries facing balance problems extended payments. In Sierra Leone, the program aims to:

The release of this funding is subject to the formal approval of the IMF Executive Board, a step that generally comes a few weeks after an agreement at the level of staff.

IMF officials welcomed the authorities' efforts. to stay the course of reforms despite global economic pressures, stressing in particular the progress in mobilizing domestic revenue and the rationalization of public spending.