Mali and the IMF |
Press Release: IMF Completes Sixth Review Under Mali's PRGF Arrangement and Approves US$8.5 Million Disbursement
July 24, 2003
Country's Policy Intentions Documents
Mr. Horst Köhler
Dear Mr. Köhler:
1. The government continued to implement the PRGF-supported program throughout 2002. During the discussions on the sixth and last review of the program held in April 2003, it was concluded that all the quantitative and structural performance criteria and benchmarks for end-December 2002 were observed. Having fulfilled the conditions agreed upon under the PRGF arrangement, the government requests completion of the sixth review and release of the final disbursement.
2. Mali achieved strong growth in 2002 as a result of adequate rainfall, significant progress with the reform of the cotton sector, and an unexpected increase in gold production. Despite these successes, economic activity in 2003 is likely to decrease due to poor rainfall, the drop in the price of cotton on world markets, a decline in gold production, and the impact of the crisis in Côte d'Ivoire.
3. The government remains determined to foster growth and reduce poverty, and wishes to continue to benefit from financial assistance from the Fund under a new PRGF arrangement.
4. The government authorizes the Fund to publish the staff report.