Press Release: IMF to Extend 100 Percent Debt Relief to Mali Under the Multilateral Debt Relief Initiative

IMF News, December 23, 2005

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Canonical URL: Press Release: IMF to Extend 100 Percent Debt Relief to Mali Under the Multilateral Debt Relief Initiative

The IMF Executive Board has approved debt relief for Mali under the Multilateral Debt Relief Initiative.
The IMF will provide 100 percent debt relief on all debt incurred by Mali to the IMF before January 1, 2005 that remains outstanding.
This amounts to approximately US$108 million, or US$90 million excluding remaining assistance under the Heavily Indebted Poor Countries Initiative.

The debt relief should become available in early January as soon as the remaining consents of the contributors to the PRGF Trust Subsidy Account have been received.

Mali qualified for IMF debt relief because of:
- its overall satisfactory recent macroeconomic performance,
- progress in poverty reduction, and
- improved public expenditure management.
The press release notes that Mali continued to implement sound macroeconomic policies in the face of significant exogenous shocks, which:
- maintained macroeconomic stability,
- limited the deterioration of public finances, and
- maintained a focus on reducing poverty.
These performance factors provide assurance that resources made available under the Multilateral Debt Relief Initiative will be used effectively.

The international community made these additional resources available to help Mali make progress toward its Millennium Development Goals (MDGs).
The IMF expressed that it looks forward to working with Mali to help it develop a strong and stable economy and to make sustained progress toward the MDGs.