Sierra Leone: Sierra Leone’s economy to slow down by 0.7%

Freetown, Sierra Leone (PANA) - The International Monetary Fund (IMF) has completed a review of Sierra Leone’s economic performance, predicting that the country's economic growth would slow down to 5.6% in 2017 from 6.3% in 2016.

The review, completed on Friday, states that the slow down is a result of less activities in non-mining sectors. Since the end of the Ebola outbreak in the country, non-mining activities are still constrained by problems like infrastructure and power.

There have been increased mining activities though, Chinese mining company, Shandong and Illuka Mining Resources, are doing well in the country. Sierra Leone is heavily dependent on mining. More than half of the GDP of the country in 2016 came from mining with principal exports of diamonds, rutile and iron ore.

The IMF review is part of a programme called the Extended Credit Facility. In June, the IMF approved US$ 224 million for Sierra Leone back then when the country’s economic growth was estimated to reach 7%.

IMF team leader, Wakeman-Linn, said the discussions on how to move forward have been progressive. The discussions to complete the review are expected to continue during the upcoming annual meetings of the IMF and the World Bank.
-0- PANA MJN/VAO 30Sept2017

30 september 2017 11:27:26

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