New York, September 21, 2026 – International Monetary Fund (IMF) Managing Director Kristalina Georgieva has lauded Sierra Leone’s “remarkable” progress in macroeconomic consolidation during a bilateral meeting with President Julius Maada Bio on the sidelines of the 81st United Nations General Assembly.
Georgieva praised the government’s progress in restoring macroeconomic stability, despite the difficult external environment. “Many governments are facing pressure from rising global energy costs. She reiterated the IMF’s commitment to helping Sierra Leone improve its investment climate and economic resilience. The Managing Director also urged the Fund to actively disseminate Sierra Leone’s successes and reforms to domestic and international audiences.
President Bio took the opportunity to formally introduce his new Minister of Finance, Karefa A.F. Kargbo, who will also serve as Sierra Leone’s Governor at the IMF. The President reiterated his administration’s commitment to sound economic policies as the foundation for long-term growth and job creation. He thanked the IMF for its role as a reliable partner during his Presidency.
Bio thanked Georgieva for her personal support in securing the IMF Executive Board’s approval of the third review of Sierra Leone’s performance under its ongoing Extended Credit Facility (ECF) program, as well as the green light for the Resilience and Sustainability Facility. He also updated on the implementation of structural benchmarks agreed with international partners, saying the Ministry of Finance is advancing new revenue-generating measures to boost domestic revenue mobilisation.
The President said the economy had stabilised significantly over the past two years. By the end of 2025, inflation fell to 4.4 per cent (the lowest level in decades), the exchange rate remained stable, the fiscal deficit fell, the trade deficit improved, public debt stabilised, and foreign reserves improved modestly. He said the results showed what continued fiscal discipline and policy reforms could achieve.
But President Bio cautioned that new external shocks have slowed the recovery. He attributed the sharp rise in international oil prices to the Strait of Hormuz closure and the subsequent disruption of oil supplies. These increases raised domestic fuel prices and transportation and production costs, renewing inflationary pressures and making it harder to maintain price stability in the short run.
Discussions focused on Sierra Leone’s ongoing engagement with the IMF as the government implements reforms to strengthen fiscal management, improve the business environment, and create conditions for inclusive, sustainable economic growth. Both sides reaffirmed their commitment to continue to work closely together as Sierra Leone advances its reform agenda.
