IMF chief praises Sierra Leone’s progress as Bio outlines economic reforms

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.

The bilateral talks took place on 21 September 2026 on the margins of the 81st United Nations General Assembly. The discussions focused on Sierra Leone’s economic reforms, its ongoing cooperation with the IMF and measures aimed at strengthening fiscal management.

Georgieva said Sierra Leone had made significant progress in its partnership with the Fund despite difficult global economic conditions. She also reaffirmed the IMF’s support for the Government’s efforts to improve the country’s investment climate and called for proactive communication about Sierra Leone’s reforms and progress.

New finance minister introduced

During the meeting, 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 various structural benchmarks. He also said the Ministry of Finance was introducing new revenue-enhancing measures to strengthen domestic revenue mobilisation.

“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.

Inflation concerns linked to oil disruption

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

He also highlighted what he described as the effect of the crisis in the Middle East on Sierra Leone’s economy. According to Bio, the closure of the Strait of Hormuz and disruption to oil supplies led to a sharp increase in international oil prices. He said this translated into higher domestic fuel prices, increased transport costs and higher costs for producing and distributing goods and services.

“These developments have reignited inflationary pressures,” Bio said.

Georgieva noted the broader difficulty facing governments as energy costs rise. “This is a difficult time for governments everywhere, particularly because of the rising cost of energy,” she said.

IMF programme approvals

Bio thanked Georgieva for her support in facilitating what he said were recent IMF approvals. He said the IMF Executive Board had approved the third review of Sierra Leone’s performance under the ongoing Extended Credit Facility programme and had also approved the Resilience and Sustainability Facility.

The supplied account does not provide the amounts or terms associated with those approvals.

Bio reaffirmed his Government’s commitment to continuing prudent economic policies as a foundation for sustainable growth and job creation. The meeting highlighted continued cooperation between Sierra Leone and the IMF as the Government pursues economic reforms, stronger fiscal management and more inclusive and sustainable growth.