An International Monetary Fund (IMF) delegation on Friday completed a visit to Mali, meant to conduct discussions on the seventh review of Mali’s Fund-supported economic program under the Extended Credit Facility (ECF) approved in December 2013.
At the end of the visit, leader of the delegation Boriana Yontcheva said the IMF had reached an agreement to extend the program by one year.
“The IMF team reached a preliminary agreement with the authorities on a set of policies that aims at completing the seventh Review under the ECF and the extension of the program by one year. Consideration by the IMF’s Executive Board is tentatively scheduled for July 2017,” she said in a statement.
She said her team was pleased with the performance of the Malian economy that is estimated to have grown by 5.8 percent in 2016.
“The team is encouraged by the steady performance of the Malian economy. The economy is estimated to have grown by 5.8 percent in 2016 and inflation remains subdued, owing largely to low international oil prices. The budget deficit of 4% of GDP remained in line with the objectives of the program, with some additional revenues offsetting added elections and security related expenditures.,” she added.
During the visit, the IMF delegation met with Prime Minister M. Abdoulaye Idrissa Maiga, Minister of Economy and Finance Dr Boubou Cissé, Minister of Decentralization and Local Taxation, M. Alassane Ag Ahmed Moussa, the National Director of the Central Bank of West African States (BCEAO) Mr. Konzo Traoré, and other high level officials as well as representatives of the civil society, the private sector, and Mali’s technical and financial partners.
Yontcheva noted that even though economic activity is expected to remain strong in 2017, there are risks of security challenges and tighter financial conditions, and as such, there should be continued vigilance.
