The Executive Director (ED) for the Africa West Constituency of the International Monetary Fund (IMF), Professor Ouattara Wautabouna, has successfully concluded a five-day working visit to Sierra Leone. This visit, which took place from February 13 to February 17, 2024, involved comprehensive discussions with key members of the Sierra Leonean government, focusing on crucial economic issues and the ongoing Extended Credit Facility (ECF) Program with the IMF. Professor Wautabouna, who previously served as the Minister of Foreign Affairs for Côte d’Ivoire, marked this visit as his inaugural official engagement since his appointment in November 2023. He arrived in Freetown on Thursday, February 13, and participated in the Convergence Meeting of Ministers and Central Bank Governors of the West Africa Monetary Zone the following day at the Radisson Blu Hotel. This meeting was essential for fostering regional economic collaboration and addressing shared financial challenges. As part of his itinerary, Professor Wautabouna paid a courtesy visit to Sierra Leone’s Vice President, Honourable Dr. Mohamed Juldeh Jalloh, on February 14. During this meeting, Honourable Sheku Ahmed Fantamadi Bangura introduced the IMF Executive Director to the Vice President. Professor Wautabouna expressed his appreciation for the warm welcome and thanked President Julius Maada Bio for supporting his candidacy for the IMF position.
He emphasized his commitment to advocating for Sierra Leone’s interests within the Fund. The primary objective of Professor Wautabouna’s visit was to gain a deeper understanding of Sierra Leone’s current standing under the ECF arrangement with the IMF, engage in ongoing discussions regarding the Resilience Credit Facility (RSF), and support the government in successfully completing the first review of the ECF program. He assured the Vice President of his dedication to working collaboratively with Sierra Leone to address its economic challenges. In response, Vice President Dr. Jalloh welcomed the Executive Director and expressed gratitude for the IMF’s ongoing support and guidance to President Bio’s administration. He reiterated Sierra Leone’s commitment to the ECF arrangement and highlighted the government’s efforts to enhance domestic revenue mobilization. The Vice President underscored the necessity of securing adequate resources to invest in the government’s strategic “BIG FIVE GAME CHANGERS,” which aim to drive economic development and infrastructure expansion. He urged international financial institutions to assist Sierra Leone in overcoming the binding constraints that hinder economic growth. During the visit, the Honourable Minister of Finance also briefed Professor Wautabouna on the newly established Africa West Constituency within the IMF. As the Chairperson of the Constituency Panel, the Minister emphasized the collaborative efforts being made to support the work of the Executive Director. This constituency encompasses 14 countries, including Sierra Leone, Côte d’Ivoire, Nigeria, Senegal, Liberia, Mali, The Gambia, Burkina Faso, Mauritania, Togo, Benin, Guinea Bissau, Niger, and Guinea. On February 17, the Executive Director held a meeting with the Minister of Finance and his team, where they discussed the progress of the ECF program and the overall economic outlook of Sierra Leone. The Minister highlighted positive developments, such as declining inflation and a stable exchange rate, while also acknowledging ongoing challenges related to debt management and domestic revenue generation. In conclusion, Professor Ouattara Wautabouna expressed his commitment to working closely with the Sierra Leonean government to tackle the pressing economic issues facing the country. He urged the government team to demonstrate strong commitment and resolve in meeting the agreed benchmarks, ensuring that Sierra Leone continues to make progress under the ECF framework. This visit signifies a vital step in strengthening the partnership between Sierra Leone and the IMF, paving the way for enhanced economic stability and growth in the region.
