IMF Executive Board Completes Sixth Review Under Mali’s ECF and Approves US$25.8 Million Disbursement for Mali

IMF News, December 5, 2016

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Canonical URL: IMF Executive Board Completes Sixth Review Under Mali’s ECF and Approves US$25.8 Million Disbursement for Mali

On December 2, 2016, the Executive Board of the International Monetary Fund concluded the sixth review of Mali’s performance under an economic program supported by an Extended Credit Facility (ECF) arrangement.
The decision enables the disbursement of SDR19 million (about US$25.8 million).
The decision was taken on a lapse of time basis.[1]

Disbursement approved: SDR19 million (about US$25.8 million).
Total disbursements under the arrangement after this decision: SDR60 million (about US$ 1.3 million).
Original ECF approval: December 18, 2013 for SDR 30 million (about US$ 40.7 million).
On June 9, 2016, the Board approved:
- a one-year extension of the arrangement to December 17, 2017, and
- an augmentation bringing the total amount of the arrangement to SDR 98 million (about US$ 132.8 million).

Projected GDP growth: 5.4 percent for 2016 and 5.3 for 2017.
Drivers of activity:
- public capital spending, and
- the regional central bank’s (BCEAO) accommodative policy.
Inflation projections:
- projected to decline to 0.5 percent by end-December, and
- expected to remain contained at 1 percent.
Downside risks: the favorable outlook is subject to downside risks stemming mainly from Mali’s fragile security situation.

The Executive Board approved the authorities’ request for the modification of the ceiling on the continuous performance criterion on non-concessional external debt.

[1] The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.

Press Release No. 16/542 — December 5, 2016