IMF Chief Hails Sierra Leone’s Economic Reforms Under President Bio

International Monetary Fund (IMF) Managing Director Kristalina Georgieva has commended President Julius Maada Bio for Sierra Leone’s progress in macroeconomic consolidation during a bilateral meeting in New York on September 21, 2026, on the sidelines of the 81st United Nations General Assembly.

Georgieva said Sierra Leone had made significant progress in its partnership with the IMF despite challenging global economic conditions, and reaffirmed the Fund’s commitment to supporting the country in improving its investment climate. She also noted the challenges facing governments globally, particularly rising energy costs.

During the meeting, Bio introduced Karefa A.F. Kargbo as Sierra Leone’s new Minister of Finance and Governor to the IMF. The President reaffirmed his government’s commitment to implementing prudent economic policies to support sustainable growth and job creation.

Bio thanked the IMF for its continued support, including the recent completion of the third review under the Extended Credit Facility (ECF) and approval of the Resilience and Sustainability Facility (RSF). The IMF approved about US$31.7 million under the ECF review and a new RSF arrangement of about US$211.5 million.

The President also briefed Georgieva on structural reforms and new measures being introduced by the Ministry of Finance to strengthen domestic revenue mobilisation.

Bio said Sierra Leone had made progress in stabilising the economy over the past two years, citing lower inflation, a stable exchange rate, a narrower fiscal deficit and trade deficit, stabilisation in public debt and some recovery in foreign reserves. He said inflation had fallen to 4.4% by the end of 2025, its lowest level in decades, but warned that higher international oil prices had renewed inflationary pressures.

The IMF’s June 2026 assessment similarly found that policy tightening had helped stabilise the exchange rate, reduce inflation and borrowing costs, and restore private-sector credit. However, the Fund cautioned that reserve coverage remained low and Sierra Leone’s debt remained at high risk of distress.

Both sides agreed to build on the progress achieved while continuing to implement key economic reforms.

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