IMF okays credit facility programme in Sierra Leone

Abidjan, June 8 (IANS/MAP) The International Monetary Fund (IMF) has approved a $224.2 million credit facility programme over three years in Sierra Leone to support the government's efforts for development of the country.

The institution authorised a first disbursement of $54.3 million. The remainder of the aid will be staggered throughout the three-year programme and subject to semi-annual checks.

The programme's main objectives are to provide short-term financial margins, finance urgent expenditures and make a strong contribution to poverty reduction, said Tao Zhang, deputy managing director of the IMF.

It also seeks to support a framework of structural reforms focusing mainly on revenue mobilisation domestic finance, fiscal consolidation and financial sector reform, according to the media report on Friday.

According to the IMF, the country has shown "remarkable resilience" to the double shock of the collapse of iron ore exports and the Ebola epidemic.

In 2016, growth reached 6.1 per cent due to a recovery in iron ore production. The government deficit surpassed expectations and reached 8.3 per cent of GDP.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)