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IMF Executive Board Approves US$50 million Disbursement to Sierra Leone to Address the Continuing Impact of the COVID 19 Pandemic

IMF Executive Board Approves US$50 million Disbursement to Sierra Leone to Address the Continuing Impact of the COVID 19 Pandemic
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IMF approves $50 million for Sierra Leone to manage impact of the COVID-19 pandemic

Sierra Leone Telegraph: 16 March 2021:
The IMF Executive Board yesterday announced that is has approved a US$50.37 million disbursement under the Rapid Credit Facility “to help meet the authorities’ urgent financing needs and support their continued response to the pandemic”, and address “the urgent balance of payments and fiscal needs stemming from the deep and persistent impact of the pandemic”.
According to the IMF statement; “The Government’s quick and decisive actions to contain COVID-19 prevented a larger outbreak and saved lives, yet they also came at an economic cost. Containment measures disrupted the transport of goods within the country, with a heavy impact on the services sector. At the same time, exports weakened significantly in 2020 due to weaker mining production and lower global demand.”

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IMF Executive Board Approves US$50 million Disbursement to Sierra Leone to Address the Continuing Impact of the COVID 19 Pandemic - Sierra Leone

IMF Executive Board Approves US$50 million Disbursement to Sierra Leone to Address the Continuing Impact of the COVID 19 Pandemic
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The Sierra Leonean authorities’ quick and decisive actions mitigated the impact of the COVID-19 pandemic, helping prevent a larger loss of life and even deeper economic costs.
However, the pandemic will have long-lasting economic and social effects, and shrinking incomes, rising poverty, inequality, and food insecurity remain concerns.
To help meet the authorities’ urgent financing needs and support their continued response to the pandemic, the IMF has approved a US$50.37 million disbursement under the Rapid Credit Facility.
Washington, DC – March 15, 2021 The Executive Board of the International Monetary Fund (IMF) today approved the disbursement of SDR 35.26 million (US$50.37 million or 17 percent of quota) under the Rapid Credit Facility (RCF) to Sierra Leone to help meet the urgent balance of payments and fiscal needs stemming from the deep and persistent impact of the pandemic.

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