International Monetary Fund Managing Director Kristalina Georgieva has praised 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. 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 supporting the Government of Sierra Leone as it works to improve the country’s investment climate. Georgieva stressed the importance of communicating proactively about the progress made and reforms undertaken by the Government.

Government outlines economic reforms

During the talks, President Bio formally introduced Karefa A.F. Kargbo as Sierra Leone’s new Minister of Finance and Governor to the IMF.

Bio briefed Georgieva on progress in implementing structural benchmarks and said the Ministry of Finance was introducing new measures intended to increase domestic revenue. No specific details of those measures or the benchmarks were provided.

The President reaffirmed his Government’s commitment to the sustained implementation of prudent economic policies, describing them as a foundation for sustainable economic growth and job creation.

“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.

He said Sierra Leone had made significant progress in stabilising its economy over the previous two years. According to Bio, inflation had declined to 4.4 per cent by the end of 2025, which he described as its lowest level in decades. He also said 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.

Bio’s account also included references to the IMF’s ongoing Extended Credit Facility programme. He said the IMF Executive Board had approved the programme’s third review and the Resilience and Sustainability Facility.

Energy costs add to inflation concerns

Bio said external pressures had complicated the country’s economic outlook. He attributed renewed inflationary pressure to the closure of the Strait of Hormuz and the resulting disruption to oil supplies, which he said had pushed up international oil prices.

According to the President, the higher international prices translated into increased domestic fuel prices and transport costs. He also said the cost of producing and distributing goods and services had risen.

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

The discussions focused on cooperation between Sierra Leone and the IMF, economic reforms, fiscal management and efforts to mobilise domestic revenue. The IMF’s renewed support for improving the investment climate comes as the Government continues to pursue reforms aimed at creating conditions for inclusive and sustainable growth.