IMF Chief Praises Sierra Leone’s Economic Progress Under President Bio
New York, United States, September 21, 2026 — International Monetary Fund (IMF) Managing Director Kristalina Georgieva has commended President Julius Maada Bio for what she described as significant progress in Sierra Leone’s macroeconomic consolidation.
Georgieva made the remarks during a bilateral meeting with President Bio on the margins of the 81st United Nations General Assembly (UNGA) in New York.
She acknowledged the progress made under Sierra Leone’s ongoing partnership with the IMF, despite mounting pressures from a challenging global economic environment.
“This is a difficult time for governments everywhere, particularly because of the rising cost of energy,” Georgieva said.
The IMF Managing Director reaffirmed the Fund’s commitment to supporting Sierra Leone as the Government works to improve the country’s investment climate. She also encouraged the IMF to communicate more proactively about the progress achieved and the reforms implemented by Sierra Leone.
During the meeting, President Bio formally introduced the country’s new Minister of Finance, Karefa A.F. Kargbo, who also serves as Sierra Leone’s Governor to the IMF.
President Bio reiterated his Government’s commitment to maintaining prudent economic policies, which he said remain critical to sustaining economic growth, strengthening fiscal stability and creating jobs.
“The IMF has been a very reliable partner in these efforts, and you, in particular, have been very supportive throughout my presidency,” President Bio told Georgieva.
The President expressed appreciation to the IMF Managing Director for her support in securing the IMF Executive Board’s approval of the third review of Sierra Leone’s performance under the Extended Credit Facility (ECF) programme, alongside approval of the Resilience and Sustainability Facility (RSF).
President Bio also updated Georgieva on progress in implementing various structural benchmarks, noting that the Ministry of Finance was introducing additional revenue-enhancing measures aimed at strengthening domestic revenue mobilisation.
He further highlighted the economic consequences of the crisis in the Middle East, particularly the impact of disruptions to global oil supplies on Sierra Leone.
According to President Bio, the Government had made considerable progress in stabilising the economy over the past two years.
“By the end of 2025, inflation had fallen to 4.4 per cent, its lowest level in decades. The exchange rate remained stable, the fiscal deficit narrowed, the trade deficit declined, public debt began to stabilise, and foreign reserves recovered slightly,” he said.
However, he said disruptions linked to the closure of the Strait of Hormuz and the resulting constraints on oil supplies had triggered a sharp increase in international oil prices.
“These developments have translated into higher domestic fuel prices and increased transport costs, as well as higher costs for producing and distributing goods and services. These developments have reignited inflationary pressures,” President Bio added.
The meeting reaffirmed the continued cooperation between Sierra Leone and the IMF as the Government advances economic reforms, strengthens public financial management and seeks to create an environment conducive to inclusive and sustainable economic growth.
