IMF Staff Completes 2025 Article IV Mission to Mali

IMF News, June 13, 2025

Source details

Mission dates: visited Bamako from June 9 to 13, 2025.
Key headwinds identified:
- food insecurity and security threats
- frequent climate shocks
- external financing constraints and an uncertain economic outlook
- electricity crisis, flooding, and lower gold production
- shutdown of the largest gold mine and ongoing security risks
Growth estimates and projections:
- Economic growth is estimated at 4.7 percent in 2024 unchanged form 2023.
- Real GDP growth is projected to increase to 5.0 percent in 2025, weighed down by reduced output from the shutdown of the largest gold mine and ongoing security risks.
- Contingent on resumption of full mining activities, growth is expected to rebound to 5.4 percent in 2026.
Financing environment:
- Tight financing conditions in the West African Economic and Monetary Union (WAEMU) and the absence of external budget support resulted in high borrowing costs for the Government.

Authorities’ fiscal stance:
- The authorities remain committed to a 3 percent fiscal deficit, in line with the WAEMU target to maintain fiscal sustainability.
2024 fiscal outcome:
- The government’s fiscal deficit declined to 2.6 percent of GDP in 2024 driven by robust revenue mobilization, exceptional payments form mining and telecom companies and tighter control of current spending amid constrained financing.
2025 fiscal forecast:
- The fiscal deficit is forecast to widen to 3.4 percent in 2025, driven in part by government spending to mitigate the impact of the flooding.
Policy recommendations to achieve fiscal sustainability and WAEMU convergence:
- Strengthen domestic revenue mobilization through broadening the tax base, including from the mining sector.
- Strengthen the revenue and customs administration.
- Improve spending efficiency while safeguarding public investment and protecting vulnerable households.
- Prioritize converging toward WAEMU’s 3-percent fiscal deficit ceiling.

National development strategies:
- The authorities have launched “Vision 2063”, accompanied by a National Strategy for Emergence and Sustainable Development 2024-2033.
- Success hinges on implementation of sound macroeconomic policies and decisive progress on structural reforms.
Key structural and governance priorities:
- Reduce domestic policy uncertainty and advance structural reforms to unlock growth potential.
- Strengthen fiscal governance and improve public financial management.
- Address vulnerabilities in State-Owned Enterprises (SOEs) and enhance their oversight—particularly in the electricity utility, Energie de Mali.
- Establish greater policy stability and transparent regulatory frameworks to attract foreign investment.

Mission leadership and contacts:
- IMF staff team led by Ms. Wenjie Chen.
- Press officer: Tatiana Mossot; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson.
Principal meetings:
- Met with the Minister of Economy and Finance, Mr. Alousséni Sanou; the Minister of Justice, Mr. Mamoudou Kassogue; and the National Director of the BCEAO for Mali, Mr. Baréma Bocoum.
- Also met senior staff of main ministries and government agencies, development partners, and the private sector.
Procedural note:
- End-of-Mission press releases convey preliminary findings; views are those of IMF staff and do not necessarily represent the IMF’s Executive Board. Staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.

Source: IMF Staff Completes 2025 Article IV Mission to Mali (Press Release No. 25/196), June 13, 2025.