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HomeAfricaIMF approves US$16m to strengthen S/Leone foreign reserves

IMF approves US$16m to strengthen S/Leone foreign reserves

The International Monetary Fund (IMF) has completed the third review of Sierra Leone’s performance under the Poverty Reduction and Growth Facility (PRGF) and approved a special drawing right to a tune of US$16.1 million to help strengthen the country’s foreign reserve.

The IMF board, which completed the third review on 22 December 2008, increased financial assistance to mitigate food and fuel price impact.

According to Financial Secretary in the Ministry of Finance and Development Sheku Sesay, the approval would also help strengthen Sierra Leone’s foreign reserve position to cope with the shocks from rising food and fuel prices and the unfolding global financial crisis.

According to a statement issued here Thursday, the economic management and budget execution during 2008 were done under difficult circumstances and were characterized by an adverse external environment: the usual delays in the disbursement of external budgetary support and consolidation of the new administration.

Commenting on the approval, Sesay described it as an achievement and a testimony to the government’s commitment under the leadership of President Ernest Bai Koroma to pursue prudent economic policies.

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