The International Monetary Fund said on Friday that Sierra Leone had asked for a new 38-month Extended Credit Facility (ECF) arrangement worth about $253 million.

The Fund said its staff and the Sierra Leonean authorities had reached a staff-level agreement on economic policies and reforms that could be supported by the facility, which is subject to approval by the IMF's Executive Board.

"The new ECF arrangement would aim to restore stability by bolstering debt sustainability, addressing fiscal dominance, bringing down inflation and rebuilding reserves," the IMF said in a statement.

The arrangement would also support inclusive growth through reforms and help fight corruption, it added.

(Reporting by Anait Miridzhanian Editing by Alexander Winning)