Numbers & Statistics

IMF Reaches Staff-Level Agreement with Mali on First Review under ECF Arrangement

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Via IMF (Den Internationale Valutafond)

IMF Reaches Staff-Level Agreement with Mali on First Review under ECF Arrangement







December 2, 2019







End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.





  • Economic growth is expected to reach 5 percent in 2019 and over the medium term, despite the challenging security situation, reflecting some resilience in the economy.
  • The fiscal deficit is expected to meet the West African Economic and Monetary Union (WAEMU)’s convergence criteria of 3 percent of GDP in 2019.
  • The mission encourages the authorities to improve efficiency in public services delivery, including through pursuing reforms to improve governance, in order to achieve the program objectives for strong and inclusive growth and poverty reduction.

A team from the International Monetary Fund (IMF), led by Boriana
Yontcheva, visited Bamako during November 19-29, 2019, to hold discussions
on the first review of the economic and financial program supported by the
IMF under the Extended Credit Facility (ECF).

At the end of the discussions, Ms. Yontcheva issued the following
statement:

“The Malian authorities and IMF staff have reached a staff-level agreement
on the first review of the economic and financial program supported by the
IMF under the ECF, subject to approval by IMF management and Executive
Board. Consideration by the IMF’s Executive Board is tentatively scheduled
for early January 2020.

“Economic growth is expected to reach 5 percent in 2019 and over the medium
term, despite the challenging security situation, reflecting some
resilience in the economy. The general level of prices entered a
deflationary trend in 2019, owing to good harvests following the abundant
rainfall.

“The IMF mission and the Malian authorities reviewed the 2019 budget
execution and the measures underpinning the draft 2020 budget. The fiscal
deficit is expected to meet the West African Economic and Monetary Union
(WAEMU)’s convergence criteria of 3 percent of GDP in 2019. Almost all
performance criteria and indicative targets for end-September 2019, along
with structural benchmarks, were met. Staff welcomed the significant
improvement in tax collection. The authorities are committed to continuing
their domestic revenue mobilization efforts to create the fiscal space
needed to accommodate social, development and security spending while
preserving macroeconomic stability and public debt sustainability. In
addition to modernizing tax and customs departments, there is a need to
accelerate the implementation of reforms geared toward digitalizing tax
payments, further streamlining tax exemptions, including those granted to
the mining sector, and improving petroleum products and property taxation.

“The IMF staff welcomed the ongoing efforts to reform the energy sector,
including the state-owned electricity company’s (EDM.SA) plans to reach
cost-recovery over the medium term, while ensuring better supply of
electricity to the population.

“To achieve the program objectives for strong and inclusive growth and
poverty reduction, the mission encourages the authorities to improve
efficiency in public services delivery, including through pursuing reforms
to improve governance. The mission also urges the authorities to redouble
efforts in repaying domestic spending arrears in a timely fashion and
further improving the business climate to foster private sector development
and job creation.

“The team would like to thank the authorities, various stakeholders, and
technical staff for their support and constructive discussions.”

The team met with the Prime Minister, Head of Government, Minister of
Economy and Finance, Dr. Boubou Cissé, the Deputy Minister in Charge of
Budget, Mrs. Aoua Sylla Barry; the National Director of the Central Bank of
West African States, Mr. Konzo Traoré, senior officials, and development
partners.


IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Meera Louis

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson








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