IMF approves Mali's structural economic reforms

The International Monetary Fund (IMF) has welcomed Mali’s structural reforms which indicates a growth of 5.3% in 2016.

A team led by the Deputy Division Chief of IMF, Lisandro Abrego, recently held a discussion with Malian authorities in Washington DC on the review of the county’s economic financial programmes.

At the conclusion of the discussions, Abrego said “Mali’s economy continued to perform strongly in 2015. Real GDP grew by 6 percent, supported by strong performance in the agriculture and services sectors, while inflation remained low at 1 percent.”

IMF forecasts Mali GDP growth in 2016 at 5.3 pct | Reuters Gouvci MEF_Mali AbdoulayeDiop8 https://t.co/5a3OiMTeSO

— Mbaranga Gasarabwe (MbarangaUN) April 21, 2016

He reiterated that the implementation of the government’s economic program, supported by the Extended Credit Facility (ECF), remained strong and all quantitative targets were met.

“The mission welcomes the progress made during the first quarter of 2016 in implementing structural reforms, especially in the area of public financial management. Most structural benchmarks set for the program for the fifth review have been observed.”

The West African country has overcome a number of challenges. Its prospects are particularly subject to certain risks, mainly from the fragile security situation.

Mali plans to adopt a Finance Law, which aims at increasing its tax revenues from 0.75% of GDP and a overall budget deficit of 4.25% of GDP.

According to the IMF, the budget would create space for additional expenditure to implement the Peace Agreement of 2015.