On October 21, 2013, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Sierra Leone,1 and approved a three–year arrangement under the Extended Credit Facility (ECF) in support of the authorities’ economic and financial program for 2013-2016 (see Press Release No. 13/410).
Sierra Leone has made significant progress in macroeconomic stabilization over the last five years. Real Gross Domestic Product growth averaged some 7 percent, driven by output expansion in agriculture, mining, and services; as well as the scaling-up of infrastructure investment. Nonetheless, important impediments to broad-based growth remain, including large infrastructure gaps, insufficient energy supply, and limited access to safe water and sanitation.