IMF approves Sierra Leone for US$96 mil., 3-year credit facility
ReutersWASHINGTON--The International Monetary Fund said on Monday it had approved Sierra Leone for a US$96 million, three-year enhanced credit facility to support economic development and poverty reduction in the West African nation.
October 23, 2013, 12:08 am TWN
“Sierra Leone has achieved strong macroeconomic gains,” said IMF Deputy Managing Director Min Zhu, citing robust growth, higher iron production, plus falling inflation thanks to tight monetary policy, a stable exchange rate and lower food prices.
Approval by the IMF executive board enables the immediate disbursement of around US$13.7 million under the facility.
Sierra Leone, which was torn apart by a 1991-2002 war, reported real growth of 15.2 percent last year as iron ore production jumped to 6.6 million tons, up from 137,000 tons in 2011. Growth excluding iron production was estimated at 5.3 percent versus 5.8 percent in 2011.