Upon the completion of the second review under the Extended Credit Facility signed with Sierra Leone, the International Monetary Fund has approved the immediate disbursement of SDR15.555 million, or about $21.13 million, in favor of the country. The new investment brings the amount disbursed under this arrangement to SDR46.665 million (about $63.39 million).
According to the institution, Sierra Leone has made great progress so far but the economy could face huge short-term impacts with the new coronavirus pandemic. IMF initially saw the country’s GDP growth at 4.6% this year, against 4.7% last year.
The ECF program was signed on November 30 for 43 months and SDR124.44 million (about $172.1 million) has been granted overall. It aims to create fiscal space for development needs by strengthening income mobilization, limiting current spending and improving the effectiveness of public investment.
Borgia Kobri
The BCEAO cut its main policy rate by 25 basis points to 3.00%, effective March 16. Inflation...
Ethio Telecom has signed a new agreement with Ericsson to expand and modernize its telecom netwo...
EIB commits over €1 billion for renewable energy in sub-Saharan Africa Funding supports Miss...
MTN Zambia tests Starlink satellite service connecting phones directly from space Direct-to...
Nigeria introduced a 1% flat tax on the turnover of informal-sector businesses under a new presump...
Dangote Cement’s sales in Cameroon fell 14.1% in 2025, dropping to 1.2 million tons. The company links the decline to economic disruption tied to...
MSC has signed a 45-year concession with Nigerdock to develop a container terminal at Snake Island Port in Lagos. The project is part of a...
Benin has approved a national food and nutrition strategy covering 2026–2030. The plan aims to turn national nutrition policy into concrete, funded...
Indonesia is reconsidering a plan to raise its biodiesel blend to B50 as oil prices approach $100 a barrel. The move could cut fuel imports but...
With much of Africa’s cultural heritage still held outside the continent and restitutions in Europe moving slowly, a South African video game imagines...
Paris exhibition showcases Brazilian painter Gonçalo Ivo’s Africa-inspired works Show runs March 20-July 9 at La Maison Gacha Exhibition...