averaged little more than half the level Eor L979/80. The trend for recorded imports was similar but the contraction during the two years 1982-1984 was even nrore sharp; imports in 1983/84 were only half of those in lggl/g2. Both the trade and current account balance showed large deficits throughout this period, althoughthe size of the deficits were reduced during 19S2-1984. The reduction in imports was due mainly to the restrictive fiscal policies adopted by the @vernment duringthis period as part of the economic stabilization programme, formulated in consultation with the International tbnetary Fund (IMF) , in connection with an agreement on a stand-by credit of $50.2 million from the Fund, approved in February I984. 239. Capital account rmvements have been influenced by the large borrowing by the Government (mainly suppliersr credits) for its investments in connection with the Organization of African Unity (OAU) Conference in 1980. However, the moresignificant development is the increasing private capital outflow, indicatingprimarily a loss of confidence. Since the capital account inflows had largelyoffset the current account deficits earlier, and were not available after L979/80,the peri'od 1980/81-I983/84 has been marked by large overalf balance-of-paymentsdeficits. This represents 10 per cent or more of the GDP in three out of thesi'x yea cs L978/7 9-1983./8{ and provides an indication of the magni t,ude of theexternal payment problem that the country faces.A/40 / 441 English Page 85 Table 36 Sierra Leone: balance of pavments 1978l79-1983/8tl (Millions of SDRS)r L978/79L979/80 r980/81L98L/82 1982/83 L983/84 a/ a/ Exports, f.o.b. Imports, f.o.b. Trade balance Serv ices Private transfers Current account ba Ia nce Government transfers [.ong-term capital Short-term capital and errors and omissions Allocation of SDRs Overall balance Of which: covered by arrears accumu la tion Expor ts Impor ts Current account deficit Overall deficit tloldings of SDRs IMF reserve position Forei,gn exchanqe Tota I(Per cent of GDP)L22.3
**Analysis**
The text appears to be discussing the economic situation of Sierra Leone, specifically the balance of payments, trade, and current account balance. It mentions government policies, international agreements, and the impact of these on the country's economic situation. The text also provides numerical data and tables to support its claims.

**Category**
International trade, Economic development