Sierra Leone by International Monetary Fund, African Dept

Full Title: Sierra Leone: Second Review Under The Extended Credit Facility Arrangement And Financing Assurances Review, And Requests For Augmentation Of Access Under The Extended Credit Facility And Debt Relief Under The Catastrophe Containment And Relief Trust-Staff Report; Press Release; And Statement By The Executive Director For Sierra Leone
Author/Editor(s): African Dept International Monetary Fund
ISBN: 1475549334, 9781475549331
Publisher: International Monetary Fund
Published Place: Washington, D.C.
Published/Copyright Year: 2015
Language: English
Series: IMF Staff Country Reports: Country Report No. 15/76
IMF ELibrary
Number of pages: 1 online resource (88 pages)
Categories:
Borrowing
Debt Relief
Debt Sustainability Analysis
Economic Indicators
Emergency Assistance
Extended Credit Facility
External Shocks
Financial Management
Fiscal Policy
Fiscal Reforms
Letters Of Intent
Monetary Policy
Press Releases
Staff Reports
Sierra Leone


Content:
KEY ISSUES The Ebola outbreak and sharp drop in iron ore prices have dealt a severe blow to Sierra Leone’s economy. The Ebola epidemic, which continues to spread albeit at a lower rate than in latter parts of 2014, has exacted a heavy human toll (at least 3000 lives to date) and disrupted much economic activity. The sharp drop in iron ore prices has compounded these difficulties by shuttering the main mining operator. These twin shocks have prompted a sharp slump in activity. Following several years of robust economic growth as new mining activity came on stream in 2011, economic output is set to contract by some 13 percent this year, comprising a decline in non-iron ore activity of some 2 percent and a 47 percent slump in iron-ore output as the dominant mining operator is not expected to resume activity until mid-year at the earliest. Against this backdrop, policy discussions focused on generating fiscal space to tackle the Ebola emergency and contend with the effects of the slump in iron ore production and prices. The domestic primary deficit is set to widen from 0.7 percent of non-iron ore GDP in 2013 to 5.2 percent in 2015 because of Ebola-related priority spending and weakened revenue performance. Increased support from Sierra Leone’s development partners will contribute towards the financing of the higher deficit, but recourse to domestic borrowing will also be unavoidable. Staff supports the authorities request for significant additional financing from the IMF. Program implementation has been good, notwithstanding the severe shocks that the economy has been subjected to and all continuous and end-June 2014 performance criteria, as well as most structural benchmarks have been observed. The authorities’ policy commitments are also commensurately strong with the challenges they face. Consequently, staff supports the authorities’ request for the completion of the second ECF review, 50 percent of quota augmentation of access, and 20 percent of quota debt relief under the catastrophe containment window of the Catastrophe Containment and Relief Trust.

Electronic Resources:
http://hdl.library.upenn.edu/1017.12/1522012

ISBNPlus ID: UPE.BD102.21745-11-2208785
Form: Nonfiction
Released Date: 20151203

Download BiBTeX of this book (.bib)
@book{isbnplus9781475549331,
 title={Sierra Leone: Second Review Under The Extended Credit Facility Arrangement And Financing Assurances Review, And Requests For Augmentation Of Access Under The Extended Credit Facility And Debt Relief Under The Catastrophe Containment And Relief Trust-Staff Report; Press Release; And Statement By The Executive Director For Sierra Leone},
 author={African Dept International Monetary Fund},
 isbn={9781475549331},
 series={IMF Staff Country Reports: Country Report No. 15/76},
 url={http://isbnplus.org/9781475549331},
 year={2015},
 publisher={International Monetary Fund},
 address={Washington, D.C.}
}
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%0 Book
%T Sierra Leone: Second Review Under The Extended Credit Facility Arrangement And Financing Assurances Review, And Requests For Augmentation Of Access Under The Extended Credit Facility And Debt Relief Under The Catastrophe Containment And Relief Trust-Staff Report; Press Release; And Statement By The Executive Director For Sierra Leone
%A African Dept International Monetary Fund
%@ 9781475549331
%U http://isbnplus.org/9781475549331
%D 2015
%I International Monetary Fund
%C Washington, D.C.
Download 9781475549331.enw
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TY  - BOOK
T1  - Sierra Leone: Second Review Under The Extended Credit Facility Arrangement And Financing Assurances Review, And Requests For Augmentation Of Access Under The Extended Credit Facility And Debt Relief Under The Catastrophe Containment And Relief Trust-Staff Report; Press Release; And Statement By The Executive Director For Sierra Leone
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T3  - IMF Staff Country Reports: Country Report No. 15/76
UR  - http://isbnplus.org/9781475549331
Y1  - 2015
PB  - International Monetary Fund
CY  - Washington, D.C.
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APA Style:
International Monetary Fund, A.D. (2015). Sierra Leone: Second Review Under The Extended Credit Facility Arrangement And Financing Assurances Review, And Requests For Augmentation Of Access Under The Extended Credit Facility And Debt Relief Under The Catastrophe Containment And Relief Trust-Staff Report; Press Release; And Statement By The Executive Director For Sierra Leone. Washington, D.C.: International Monetary Fund.

MLA Style:
International Monetary Fund, African Dept. Sierra Leone: Second Review Under The Extended Credit Facility Arrangement And Financing Assurances Review, And Requests For Augmentation Of Access Under The Extended Credit Facility And Debt Relief Under The Catastrophe Containment And Relief Trust-Staff Report; Press Release; And Statement By The Executive Director For Sierra Leone. Washington, D.C.: International Monetary Fund, 2015. Print.

Chicago Style:
International Monetary Fund, African Dept. Sierra Leone: Second Review Under The Extended Credit Facility Arrangement And Financing Assurances Review, And Requests For Augmentation Of Access Under The Extended Credit Facility And Debt Relief Under The Catastrophe Containment And Relief Trust-Staff Report; Press Release; And Statement By The Executive Director For Sierra Leone. Washington, D.C.: International Monetary Fund, 2015.