INTERNATIONAL MONETARY FUND
SIERRA LEONE
Evaluation of the Technical Assistance Program
(November 2001 to November 2004) for the Bank of Sierra Leone
July 17, 2006
Contents
Page
Executive Summary ............................................................................................................... 2
I. Introduction ...................................................................................................................... 4
II. Inputs of the Program........................................................................................................ 4
III. Outputs of the Program................................................................................................... 8
IV. Summary Observations................................................................................................... 10
Appendix
I. List of MFD Missions to Sierra Leone, 2001–2004.......................................................... 12
2
EXECUTIVE SUMMARY
Over the period 2001–2004, Sierra Leone was a major recipient of MFD Technical
Assistance (TA), generally among the 10 countries in the world receiving the most
assistance. This involvement represented a substantial contribution by the IMF towards the
reconstruction of the country after the devastating civil war that ended in 2000.
Implementation of the action plans
Particularly in regards to banking supervision, there has been substantial
implementation of past action plans. The early stages of the banking supervision program
focused on drafting manuals and guidelines, and training staff; this has been substantially
completed. Measures regarding on-site supervision have also been implemented. The next
stage—which will critically include enforcement of supervisory requirements and bank
restructuring—will be particularly challenging.
Many of the elements on the early action plans on monetary operations were not
implemented at the time. It seems that this was