International Monetary Fund (IMF) Managing Director Kristalina Georgieva has commended President Julius Maada Bio for Sierra Leone’s progress in macroeconomic consolidation, while reaffirming the Fund’s commitment to supporting the country’s economic reforms.
Georgieva made the remarks during a bilateral meeting with President Bio on the margins of the 81st United Nations General Assembly in New York.
She acknowledged the progress Sierra Leone has made in its partnership with the IMF despite challenging global economic conditions, particularly rising energy costs.
“This is a difficult time for governments everywhere, particularly because of the rising cost of energy,” Georgieva said.
She reaffirmed the IMF’s commitment to supporting the Government of Sierra Leone in improving the country’s investment climate and called for proactive communication about the progress Sierra Leone has made and the reforms it has undertaken.
During the meeting, President Bio formally introduced Sierra Leone’s new Minister of Finance, Karefa A.F. Kargbo, who also serves as the country’s Governor to the IMF.
President Bio reaffirmed his government’s commitment to sustaining prudent economic policies 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,” President Bio told Georgieva.
He thanked the IMF Managing Director for her support in facilitating the approval by the IMF Executive Board of the third review of Sierra Leone’s performance under the ongoing Extended Credit Facility programme, as well as the simultaneous approval of the Resilience and Sustainability Facility.
President Bio also briefed Georgieva on progress in implementing various structural benchmarks. He said the Ministry of Finance was introducing new revenue-enhancing measures to strengthen domestic revenue mobilization.
The President further highlighted the impact of the crisis in the Middle East on Sierra Leone’s economy, noting that the Government had made significant progress in stabilizing the economy over the past two years.
“By the end of 2025, inflation had fallen to 4.4 per cent, its lowest level in decades. The exchange rate remained stable, the fiscal deficit narrowed, the trade deficit declined, public debt began to stabilize, and foreign reserves recovered slightly,” President Bio said.
However, he said the closure of the Strait of Hormuz and the resulting disruption to oil supplies had led to a sharp rise in international oil prices.
According to President Bio, the increase had translated into higher domestic fuel prices and increased transport costs, as well as higher costs of producing and distributing goods and services.
“These developments have reignited inflationary pressures,” he added.
The meeting underscored the continued cooperation between Sierra Leone and the IMF as the Government pursues economic reforms, strengthens fiscal management and works to create conditions for inclusive and sustainable economic growth.