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International Monetary Fund. European Dept.

1. Moldova’s previous ECF/EFF arrangements supported the rehabilitation of the banking sector and restored macro-financial stability. Following the 2014 banking fraud, measures implemented under the 2016–20 program ensured transparent shareholder structures in systemically important banks, upgraded the banking resolution framework, and strengthened the National Bank of Moldova’s (NBM) governance, regulatory, and supervisory frameworks. The program also succeeded in maintaining fiscal discipline and public debt sustainability.

International Monetary Fund. African Dept.
Following two emergency Rapid Credit Facility disbursements in June 2020 and March 2021 to assist in addressing the impact of the COVID-19 pandemic, the Sierra Leonean authorities are committed to resuming the program supported by the Extended Credit Facility arrangement. The program is an important policy anchor for the authorities, and its main objectives—revenue mobilization, safeguarding financial stability, and addressing external vulnerabilities—remain valid. While an economic recovery is underway, driven by the mining sector, risks to the outlook are considerable and, the risk of debt distress is high but remains sustainable. This is predicated on the authorities’ ambitious fiscal adjustment and continued reliance on concessional financing and grants. External vulnerabilities are expected to persist over the medium term.