In a significant milestone for Sierra Leone’s economic management, Finance Minister Sheku Ahmed Fantamadi Bangura and his core team have successfully negotiated a staff-level agreement with the International Monetary Fund (IMF), securing $78.8 million in financing and signaling renewed international confidence in the country’s economy.
The agreement covers the first and second reviews of Sierra Leone’s Extended Credit Facility (ECF) programme and follows intensive technical discussions. It reflects the government’s adherence to a rigorous reform agenda and validates the coordinated efforts of the nation’s economic managers in stabilizing the economy amid global challenges.
While Minister Bangura has been the public face of the negotiations, the success was underpinned by a dedicated team, each overseeing critical pillars of the reform programme.
Sheku Ahmed Fantamadi Bangura, Minister of Finance: As the chief architect, Bangura has led the government’s fiscal consolidation strategy, navigating complex IMF negotiations and ensuring Cabinet support for difficult but necessary reforms.
Mathew Dingie, Financial Secretary Dingie has strengthened public financial management, ensuring efficient use of taxpayer funds, controlling expenditure, and improving transparency across government ministries a key IMF requirement.
Dr. Ibrahim Stevens, Governor of the Bank of Sierra Leone Responsible for monetary stability, Dr. Stevens has tackled inflation and currency volatility, protecting the Leone’s value and helping to curb the cost of living.
Mrs. Jeneba Bangura, Commissioner-General of the National Revenue Authority (NRA) Charged with revenue mobilization, she has expanded the tax base, improved collection efficiency, and strengthened compliance to boost domestic funding and reduce fiscal deficits.
A government statement praised the team, noting that their “collective commitment to fiscal discipline, monetary stability, and structural reforms has restored confidence in Sierra Leone’s economy and strengthened the foundation for inclusive growth.”
The staff-level agreement is more than just a financial injection it provides a strong foundation for the 2026 National Budget, scheduled for presentation on Friday, 28 November 2025. Pending final approval by the IMF Executive Board, the $78.8 million will offer immediate budget support, bolster foreign exchange reserves, stabilize the Leone, and finance essential imports such as fuel and medicine.
Additionally, the agreement supports the administration’s commitment to a “pro-people” budget, allowing for increased spending on social services and protection of vulnerable groups while maintaining macroeconomic stability.
This achievement underscores that Sierra Leone’s economic team has successfully navigated a key test, positioning the country for a stronger and more confident path toward economic recovery.
