International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, has commended President Dr. Julius Maada Bio for Sierra Leone’s impressive progress in macroeconomic consolidation.

Kristalina Georgieva made the remarks during a bilateral meeting with President Bio on the margins of the 81st United Nations General Assembly on Monday, September 21, 2026, in New York, United States.

She noted that Sierra Leone had made significant progress in its partnership with the IMF despite pressures arising from challenging global economic conditions.

“This is a difficult time for Governments everywhere, particularly because of the rising cost of energy,” Kristalina Georgieva said.

She reaffirmed the IMF’s commitment to supporting the Government of Sierra Leone in further improving the country’s investment climate. She also emphasized the need for the Fund to communicate proactively about Sierra Leone’s progress and the reforms undertaken by the Government.

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.

The President reaffirmed his Government’s commitment to the sustained implementation of 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 Kristalina Georgieva.

He thanked the IMF Managing Director for her support in facilitating the IMF Executive Board’s approval 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 Kristalina Georgieva on progress made in implementing various structural benchmarks. He disclosed that the Ministry of Finance is 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, the closure of the Strait of Hormuz and the resulting disruption to oil supplies led to a sharp rise in international oil prices. This translated into higher domestic fuel prices and increased transport costs, as well as higher costs for 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 growth. https://thecalabashnewspaper.com/archives/64801