A mission from the United Nations Development Programme (UNDP) focused on credit rating assessment and capacity building visited the Financial Secretary in Freetown on June 16, 2025. The meeting aimed to engage with the government in preparation for a national credit rating.
Financial Secretary Matthew Dingie welcomed the UNDP team and expressed his support for their objective. He discussed Sierra Leone’s current Extended Credit Facility (ECF) program with the International Monetary Fund (IMF), emphasizing the government’s policy to limit borrowing due to the country’s debt situation. Dingie highlighted that understanding the status of Sierra Leone’s credit rating is crucial for developing a roadmap for Public Financial Management (PFM) reforms, particularly in debt management.
Mathew Sandy, Director of the Public Debt Division, noted that Sierra Leone began its credit rating process five years ago but faced delays due to economic challenges from the COVID-19 pandemic. With recent improvements in key economic indicators such as inflation and exchange rates, Sandy expressed optimism about resuming the process.
Raymond Gilpin, Chief Economist for UNDP Africa, explained that UNDP aims to help African countries build capacity through mentorship rather than workshops. The team will assist in understanding data and processes related to credit ratings.
Relvin Dalrymple, UNDP Concilium Adviser, detailed that the rating would cover areas including economy, governance structure, debt, revenue, and expenditures.
The capacity-building initiative involves staff from various departments within Sierra Leone’s Ministry of Finance and other national agencies.