IMF reaches staff-level agreement with Mali

BamakoThe Malian authorities and IMF staff reached a staff-level agreement on a new economic and financial program supported by the extended credit facility (ECF)

The new programme is aimed at fostering strong and inclusive growth and poverty reduction through investment in infrastructure and social sectors and stimulating jobs creation, notably for the youth.

Major objectives of the programme include strengthening fiscal discipline and tax revenue mobilisation through further revenue administration reforms. IMF Staff encourages reforms aimed at strengthening the governance and efficiency of the public sector and improving the business climate.

A team from the International Monetary Fund (IMF), led by Boriana Yontcheva, visited Bamako during 12-25 June 2019 to hold discussions on a new economic and financial program supported by the IMF under the ECF.

At the end of the discussions, Yontcheva stated, “The Malian authorities and IMF staff have reached a staff-level agreement on a new economic and financial program supported by the IMF under the ECF, for an amount of about US$200mn, subject to approval by IMF management and Executive Board. Consideration by the IMF’s Executive Board is tentatively scheduled for end-August 2019.”

“The new programme will be anchored on Mali’s new development strategy (CREDD 2019-23), aimed at fostering strong and inclusive growth and poverty reduction through investment in infrastructure and social sectors, and stimulating jobs creation, notably for the youth.”

“The fiscal deficit is expected to meet the West African Economic and Monetary Union (WAEMU)’s convergence criteria of three per cent of GDP in 2019. To this end, key objectives of the program include strengthening fiscal discipline and tax revenue mobilization through further revenue administration reforms. The authorities have started implementing corrective measures to address the sharp decline in tax revenue collection experienced in 2018.”

“More broadly, this new programme will help the Government to strengthen the foundations for a strong and inclusive growth, which will enable further poverty reduction. Finally, the mission encourages reforms aimed at strengthening the governance and efficiency of the public sector and improving the business climate, particularly through further improvement in public finance management and a better follow-up of governance issues flagged by the control and verification bodies (including the General Control of Services and the Office of the Auditor General), as well as pursuing the revision of the Law against Corruption and Illicit Enrichment to widen the scope of officials subject to the asset declaration obligation.”

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

twn Are you sure that you want to switch to desktop version?