Sierra Leone Reduces IMF Debt with $10.97 Million Payment

The government of Sierra Leone has made a debt service payment of $10.97 million to the International Monetary Fund (IMF) in 2023, signaling its commitment to managing its international debt obligations.

This payment has contributed to a reduction in the country’s Disbursed Outstanding Debt (DOD) to the IMF, which dropped from $490.97 million in 2022 to $480 million in 2023.

The move regional economic expert say, reflects the government’s efforts to improve Sierra Leone’s financial standing, strengthen its international reputation, and foster economic stability amid ongoing fiscal challenges.

With high debt levels and inflationary pressures impacting the nation’s economy, the government’s ability to reduce its outstanding debt could enhance its negotiating power for future financial assistance and better lending terms.

The country’s high debt burden continues to limit its capacity to invest in crucial sectors like infrastructure and social services, key areas for its long-term growth and development.

The government has pledged to pursue further measures aimed at managing debt and stimulating economic recovery.

 

Report by Paul Kamara

 

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