IMF Praises Sierra Leone’s Economic Progress
New York, 21 September 2026 – Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), commended Sierra Leone’s “remarkable” strides in macroeconomic consolidation during a meeting with President Julius Maada Bio at the 81st United Nations General Assembly. She acknowledged the government’s efforts to restore macroeconomic stability amid challenging global conditions, noting that many countries are grappling with rising energy costs. Georgieva reiterated the IMF’s commitment to enhancing Sierra Leone’s investment climate and economic resilience, while also encouraging wider promotion of the country’s reforms and successes.
During the meeting, President Bio introduced Karefa A.F. Kargbo as his new Minister of Finance, who will also serve as Sierra Leone’s Governor at the IMF. The President emphasised his administration’s dedication to sound economic policies as essential for long-term growth and job creation, expressing gratitude to the IMF for its support.
Bio thanked Georgieva for her assistance in securing approval from the IMF Executive Board for the third review under Sierra Leone’s Extended Credit Facility (ECF) programme, as well as for the Resilience and Sustainability Facility. He updated her on the implementation of structural benchmarks agreed upon with international partners, noting that the Ministry of Finance is working on new revenue-generating measures to bolster domestic revenue.
According to Bio, the economy has stabilised significantly over the past two years. By the end of 2025, inflation had dropped to 4.4 per cent, the lowest in decades, with a stable exchange rate, reduced fiscal and trade deficits, and stabilised public debt and foreign reserves. He attributed these achievements to continued fiscal discipline and policy reforms.
However, Bio warned that new external shocks have hindered recovery efforts. He cited the closure of the Strait of Hormuz, which has led to rising international oil prices, driving up domestic fuel prices and increasing costs for transportation and production. This has renewed inflationary pressures, complicating efforts to maintain price stability.
The discussions centred on Sierra Leone’s ongoing partnership with the IMF as the government strives to strengthen fiscal management, enhance the business environment, and create conditions for inclusive and sustainable economic growth. Both parties reaffirmed their commitment to ongoing collaboration as Sierra Leone progresses with its reform agenda.
