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

Stocks and Financial Services Press Releases Friday April 27, 2018 09:57
IMF--27 Apr--International Monetary Fund

Consideration by the IMF's Executive Board will be combined with the 2018 Article IV and eighth review under the ECF tentatively scheduled for late May 2018.The authorities committed to continue actions that will enable them to achieve program objectives and reduce near- and medium-term vulnerabilities.Inflation is expected to remain well below the regional ceiling.A team from the International Monetary Fund (IMF), led by Boriana Yontcheva, held discussions with the Malian authorities in Washington DC from April 18–24 2018 on the ninth review of Mali's economic and financial program supported by the IMF under the Extended Credit Facility (ECF).

At the conclusion of the discussions, Mrs. Yontcheva issued the following statement:

"The Malian authorities and IMF staff have reached a staff-level agreement on the ninth review under the ECF, subject to approval by IMF management and Executive Board. Consideration by the IMF's Executive Board will be combined with the 2018 Article IV and eighth review under the ECF tentatively scheduled for late May 2018. Completion of both reviews will make available SDR 63.3 million (about US$ 92 million).

"The team and the authorities reviewed the fiscal outcome for 2017 and early 2018. All performance criteria for end- December 2017 and continuous targets were met. The authorities committed to continue actions that will enable them to achieve program objectives and reduce near- and medium-term vulnerabilities.

"The economic recovery has entered its fifth year and GDP growth is projected to remain robust in the near term amid persistent security challenges. Inflation is expected to remain well below the regional ceiling. The 2017 fiscal outturn and the 2018 budget are in line with the program targets and the goal of converging to the WAEMU's regional deficit norm of 3 percent of GDP by 2019.

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

The team met with the Minister of Economy and Finance, Dr. Boubou Cisse; Minister of Digital Economy and Communication, Arouna Modibo Toure; Economic Advisor to the President, Ibrahim Bocar Ba; the National Director of the Central Bank of West African States, Konzo Traore, senior government officials, and development partners.


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