Sierra Leone’s President Julius Maada Bio Reaffirms Reform Agenda As IMF Commends Sierra Leone’s Economic Progress

• May 1, 2026
• 12:38 pm
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State House, Freetown, Thursday 30 April 2026 - His Excellency President Dr. Julius Maada Bio has reaffirmed his government's strong commitment to sustaining economic reforms and meeting programme targets under the International Monetary Fund-supported Extended Credit Facility (ECF), during a high-level engagement with an IMF mission to Sierra Leone.

The visiting delegation was led by Christian Saborowski, who commended President Bio and his administration for the progress achieved in stabilising the economy and implementing key reforms.

Mr. Saborowski said the IMF was impressed with Sierra Leone's recent economic performance, noting that only a few countries in the region and globally had achieved similar gains under challenging global conditions. He highlighted that reforms undertaken by the government were already producing tangible results, including declining inflation, reduced government borrowing costs, and improved private sector access to credit.

In his response, President Bio welcomed the IMF delegation and expressed appreciation for the Fund's continued partnership and support to Sierra Leone's economic recovery agenda. He thanked the IMF for facilitating the successful completion of the first and second reviews under the ECF by the IMF Executive Board, which led to the disbursement of US$89.8 million in support of budget implementation in 2025.

The President underscored government's progress in stabilising the economy, citing reduced inflation, lower interest rates on government borrowing, greater exchange rate stability, and improved fiscal balances.

President Bio noted that Sierra Leone had met two of the three Quantitative Performance Criteria as at end-December 2025 and achieved all indicative targets for end-March 2026. He said those outcomes reflected government's commitment to fiscal discipline, prudent macroeconomic management, and sustained structural reforms.

He stressed that maintaining a healthy and credible economy remained critical to preserving confidence among international partners, including the World Bank, European Union, and African Development Bank.

President Bio further emphasized that continued IMF support and successful programme reviews would be vital in unlocking additional concessional financing, strengthening investor confidence, and accelerating Sierra Leone's broader development agenda.

He expressed optimism about the successful completion of the third review under the Extended Credit Facility and the anticipated approval of the IMF's Resilience and Sustainability Facility (RSF), which would further support the country's climate resilience and long-term economic sustainability goals.

The engagement reaffirmed the growing partnership between Sierra Leone and the IMF, as government continues efforts to consolidate macroeconomic gains, protect vulnerable citizens, and build a more resilient economy.

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