Sierra Leone: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Financing Assurances Review, and Request for Waivers of Nonobservance of Performance Criterion, Extension of the Arrangement, and Rephasing o

Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Financing Assurances Review, and Request for Waivers of Nonobservance of Performance Criterion, Extension of the Arrangement, and Rephasing of Disbursements-Staff Report; Staff Supplement and Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Sierra Le

Volume/Issue: Volume 2008 Issue 249
Publication date: July 2008
ISBN: 9781451834611
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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , staff appraisal , authority , PRGF arrangement , vote controller , National Anti-Corruption Strategy , year-on-year headline inflation , Capital spending , Structural reforms , Total expenditures , Global

Summary

This paper discusses key findings of the Second Review Under the Poverty Reduction and Growth Facility (PRGF) program for Sierra Leone. Performance under the IMF-supported program was mixed. Output growth was strong at 6.8 percent and broad-based, but key fiscal revenue and spending objectives were missed, and progress on the structural reform front was slow. The authorities’ program for 2008 aims to mobilize more domestic revenue; reorient public spending to infrastructure projects and poverty-reducing programs; prevent rapid accumulation of public debt; and accelerate implementation of structural reforms.