International Monetary Fund Managing Director Kristalina Georgieva has praised Sierra Leone’s progress in macroeconomic consolidation during a meeting with President Julius Maada Bio in New York.

Table Of Content

IMF support and economic reforms
Economic indicators and new pressures
Continued IMF partnership

The bilateral talks were held on 21 September 2026 on the margins of the 81st United Nations General Assembly. Discussions focused on Sierra Leone’s economic performance, ongoing reforms and cooperation with the IMF.

IMF support and economic reforms

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

She called for proactive communication about Sierra Leone’s progress and reforms, while noting the wider pressures facing governments. “This is a difficult time for governments everywhere, particularly because of the rising cost of energy,” Georgieva said.

President Bio formally introduced Karefa A.F Kargbo as Sierra Leone’s new Minister of Finance and Governor to the IMF. He also briefed the IMF managing director on progress with the implementation of structural benchmarks.

According to Bio, the Ministry of Finance was introducing new revenue-enhancing measures intended to strengthen domestic revenue mobilisation. He reaffirmed his government’s commitment to prudent economic policies as a basis for sustainable growth and job creation.

Economic indicators and new pressures

Bio said the government had made significant progress in stabilising the economy over the previous two years. He reported that, by the end of 2025, inflation had fallen to 4.4 per cent, while the exchange rate remained stable, the fiscal deficit narrowed, the trade deficit declined, public debt began to stabilise and foreign reserves recovered slightly.

Those figures were presented by the president during the meeting and were not independently verified in the report.

Bio also attributed renewed inflationary pressures to the closure of the Strait of Hormuz and the resulting disruption to oil supplies. He said the disruption contributed to higher international oil prices, domestic fuel prices and transport costs, as well as increased costs for producing and distributing goods and services.

The report did not provide further details about the structural benchmarks or the new revenue measures.

Continued IMF partnership

President Bio thanked Georgieva for her support in facilitating approval of the third review of Sierra Leone’s performance under the ongoing Extended Credit Facility programme, as well as approval of the Resilience and Sustainability Facility by the IMF Executive Board.

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

The meeting underscored continued cooperation between Sierra Leone and the IMF on economic reforms, fiscal management and efforts aimed at inclusive and sustainable growth.