FREETOWN: The International Monetary Fund (IMF) board has approved a new $172 million loan program for Sierra Leone to help the West African country combat rising inflation and lacklustre economic growth.
The 43-month agreement follows a previous $240 million financing plan that was suspended in February over foot-dragging on reforms such as taxing luxury car imports, and removing subsidies on fuel and rice.
“The objectives of the previous program remain appropriate, but circumstances call for a recalibration,” the IMF said in statement.
“The main objectives of the current program are to safeguard macroeconomic stability, deepen structural reforms, and advance the country’s education for development and poverty reduction agendas.”
After recovering from a civil war ending in 2002, the country saw impressive growth but its economy was then battered by an Ebola epidemic and falling commodity prices. Economic growth has declined from 6.3 percent in 2016 to an estimated 3.75 percent this year.
The IMF has reclassified Sierra Leone as a “high risk” for debt distress as a result of the economic slowdown.
“The economic environment remains challenging, with output growth still recovering from the recent loss in iron ore mining and reduced activity in the non-mining sectors,” IMF representative Brian Aitken said during a visit to Sierra Leone in October.
IMF agrees new loan program for Sierra Leone
IMF agrees new loan program for Sierra Leone
Saudi POS stays above $4bn as Ramadan spending lifts outlays on home goods
RIYADH: Saudi point-of-sale transactions remained above $4 billion in the week ending Feb. 14, with spending on furniture and home supplies rising ahead of Ramadan, central bank data showed.
Overall POS activity totaled SR15.34 billion ($4.09 billion), representing a 4.8 percent week-on-week decrease, while the number of transactions dipped 1.6 percent to 252 million, according to the Saudi Central Bank.
Spending on furniture and home supplies rose 5.9 percent to SR697.35 million, marking the strongest weekly increase among major retail categories.
Expenditure on electronics increased 2.9 percent, while spending on construction and building materials rose 1.1 percent.
Sectors that saw declines includes freight transport and courier services, which posted a drop of 5 percent to SR64.86 million.
Pharmacy and medical supplies spending fell 8.2 percent to SR223.81 million, but outlays on medical services rose 5.7 percent to SR539.68 million.
Food and beverage expenditure decreased 4.3 percent, but the total spend of SR2.57 billion meant it retained the largest share of POS activity.
Restaurants and cafes followed with SR1.73 billion, despite a 4.7 percent decline. Apparel and clothing outlays represented the third-largest share of POS spending during the monitored week, up 0.5 percent to SR1.38 billion.
The Kingdom’s major urban centers mirrored the mixed national changes. Riyadh, which accounted for the largest share of total POS spending, saw a 3.4 percent drop to SR5.32 billion. The number of transactions in the capital reached 80.7 million, down 0.8 percent week on week.
In Jeddah, transaction values decreased 4.4 percent to SR2.12 billion, while Dammam reported a 3.3 percent decrease to SR746.29 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
