IMF Chief Praises Sierra Leone’s Macroeconomic Progress in New York Meeting

IMF Managing Director Kristalina Georgieva has commended Sierra Leone’s progress in macroeconomic consolidation during a bilateral meeting with President Julius Maada Bio in New York.

The meeting took place on September 21, 2026, on the margins of the 81st United Nations General Assembly. Discussions focused on Sierra Leone’s cooperation with the International Monetary Fund, economic reforms, revenue mobilisation and the effects of oil supply disruptions linked by President Bio to developments in the Middle East.

IMF support for reforms

Georgieva said Sierra Leone had made significant progress in its partnership with the IMF despite difficult global economic conditions. She reaffirmed the Fund’s commitment to helping the country improve its investment climate and said the IMF would communicate proactively about Sierra Leone’s progress and reforms.

“This is a difficult time for Governments everywhere, particularly because of the rising cost of energy,” Georgieva said during the meeting.

President Bio introduced Karefa A.F. Kargbo as Sierra Leone’s new Minister of Finance and the country’s Governor to the IMF. Bio also briefed Georgieva on progress in implementing structural benchmarks and said the Ministry of Finance was introducing new measures to increase domestic revenue.

According to remarks attributed to Bio, the IMF Executive Board had approved the third review of Sierra Leone’s performance under the ongoing Extended Credit Facility programme. He also said the Board had approved the Resilience and Sustainability Facility.

Reported economic indicators

Bio said his Government had made significant progress in stabilising the economy over two years and remained committed to prudent economic policies aimed at supporting sustainable growth and job creation.

He said that by the end of 2025, inflation had declined to 4.4 per cent, which he described as its lowest level in decades. He also reported that the exchange rate had remained stable, the fiscal deficit had narrowed, the trade deficit had declined, public debt had begun to stabilise and foreign reserves had recovered slightly.

“The IMF has been a very reliable partner in these efforts, and you, in particular, have been very supportive throughout my presidency,” Bio told Georgieva.

Oil disruption and domestic costs

Bio also raised the impact of Middle East-related disruptions to oil supplies. He said the closure of the Strait of Hormuz had contributed to a sharp increase in international oil prices, with effects on domestic fuel prices and transport costs in Sierra Leone.

He further said the higher energy costs had increased the expense of producing and distributing goods and services, contributing to renewed inflationary pressures. The assessment of these economic effects was presented by Bio during the meeting.

The discussions highlighted continued cooperation between Sierra Leone and the IMF as the Government pursues economic reforms, strengthens fiscal management and seeks conditions for inclusive and sustainable growth.