Sierra Leone : 2013 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility.
Title:
Sierra Leone : 2013 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility.
Author:
African Dept., International Monetary Fund.
ISBN:
9781475530551
Personal Author:
Physical Description:
1 online resource (147 pages)
Series:
IMF Staff Country Reports
Contents:
Cover -- CONTENTS -- BACKGROUND: TAKING STOCK -- RECENT ECONOMIC DEVELOPMENTS AND SHORT-TERM OUTLOOK -- MEDIUM-TERM FRAMEWORK -- POLICY DISCUSSIONS -- A. Fiscal Policy and Reforms -- B. Monetary Policy and Financial Sector Issues -- C. Supporting Long-Term Debt Sustainability -- D. Enhancing Competitiveness and External Stability -- E. Promoting Inclusive Growth -- F. Other Surveillance Issues -- PROGRAM ISSUES -- STAFF APPRAISAL -- BOXES -- 1. Response to Fund Advice from the 2010 Article IV Consultation -- 2. Budget Execution Under Severe Resource Constraints -- 3. Public Financial Management Reform Strategy for 2014-17 -- FIGURES -- 1. Development Indicators -- 2. Recent Economic Developments and Medium-Term Outlook, 2007-17 -- 3. Real and External Sectors, 2008-June 2013 -- 4. Fiscal Sector, 2008-12 -- 5. Monetary and Financial Sector Indicators, 2008-13 -- 6. Medium-Term Fiscal Outlook, 2013-18 -- 7. Selected Indicators on Financial Sector Depth and Inclusiveness -- 8. Indicators of Public and Publicly-Guaranteed External Debt Under Alternative Scenarios, 2013-33 -- 9. Business Environment Indicators -- 10. Progress Towards the MDGs, 1990-2015 -- TABLES -- 1. Selected Economic Indicators, 2010-18 -- 2a. Fiscal Operations of the Central Government, (Billions of leone), 2010-18 -- 2b. Fiscal Operations of the Central Government (Percent of Non-Iron Ore GDP), 2010-18 -- 3. Statement of Government Operations (GFSM 2001), 2010-18 -- 4. Monetary Accounts, 2010-18 -- 5. Balance of Payments, 2010-18 -- 6. Indicators of Capacity to Repay the Fund, 2010-24 -- 7. Actual and Proposed Disbursements Under the ECF Arrangement, 2013-16 -- 8. Millennium Development Goals, 1990-2010 -- 9. Financial Soundness Indicators of the Banking System, 2005-13 -- 10. External Financing Requirements and Sources, 2013-16 -- 11. Risk Assessment Matrix (RAM) -- APPENDIXES.
I. Letter of Intent -- Supplemental Letter of Intent -- Attachment 1. Memorandum of Economic and Financial Policies for 2013-16 -- Attachment 2. Technical Memorandum of Understanding -- ANNEXES -- I. Competitiveness and External Stability Assessment -- II. Financial Sector Development Issues -- III. In Search of Inclusive Growth-Key Lessons from the Literature -- CONTENTS -- RELATIONS WITH THE FUND -- JOINT WORLD BANK-IMF WORK PROGRAM, 2013-14 -- STATISTICAL ISSUES.
Abstract:
KEY ISSUESContext. Against the background of challenging economic and social conditions,Sierra Leone has been making progress since the end of the civil conflict in 2002. Theeconomy has been growing at a solid pace, inflation has been trending down, and sociopoliticalstability is taking hold. Going forward, the authorities need to strengthen policyimplementation particularly in the fiscal area to entrench macroeconomic stability, supportprivate sector development and job creation, and develop social policies to protect themost vulnerable groups in the population.Consultation focus. Policy discussions focused on fiscal consolidation and public financialmanagement reforms; monetary policy and price stability; borrowing policies and long-termdebt sustainability; private sector development and structural reforms to enhance inclusivegrowth.Staff views. Staff recommends the approval of the authorities' request for a three-yeararrangement under the Extended Credit Facility (ECF) in an amount of SDR 62.22 million(60 percent of quota). In May 2013, the authorities decided to cancel the three-year ECFarrangement approved by the Board in June 2010 because key objectives under theprogram supported by the arrangement were no longer achievable. The new arrangementis aimed at supporting the authorities' efforts to consolidate macroeconomic stability,strengthen the fiscal position, build external buffers, and promote broad-based economicgrowth in the context of their new Poverty Reduction Strategy (PRS).Safeguards assessment. The latest safeguards assessment was updated in 2010. The nextupdate will be completed by the time of the first review of the proposed ECF arrangement.The new Poverty Reduction Strategy. The Joint IMF-World Bank Staff Advisory Note onthe new PRS will be circulated to the Board in early November.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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