Sierra Leone: 2022 Article IV Consultation and Fifth Review under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, Modifications of Performance Criteria, and Financing Assurance Review-Press Rele

This paper presents Sierra Leone’s 2022 Article IV Consultation and Fifth Review under the Extended Credit Facility (ECF) Arrangement, Requests for Waivers, of Nonobservance of Performance Criteria, Modifications of Performance Criteria, and Financing Assurance Review. The economic recovery from the pandemic has been set back by the impact of the war in Ukraine and the medium-term outlook remains challenging. Successive external shocks have contributed toward mixed performance under the ECF arrangement. The authorities have committed to strong corrective actions to bring the fiscal situation under control. Sierra Leone continues to pursue its development path amidst continued vulnerability to shocks and capacity needs. Sustained efforts to strengthen governance will be essential, to reduce vulnerabilities to corruption, foster private sector development and growth, and ensure more effective delivery of public services. Ensuring the financial and operational independence of the supreme audit institution is a priority. Continued progress on human capital development, climate adaptation, and expansion of social-safety nets would be welcome.