Press Release No. 25/389

Washington, DC: An International Monetary Fund (IMF) team led by Ms. Wenjie Chen, conducted a virtual mission from November 10-21, 2025 to assess progress under Mali’s Staff Monitored Program  (SMP). The 11-months SMP, approved in March 2025, aims to ensure fiscal sustainability, strengthen governance and public financial management, and protect the most vulnerable. SMPs are agreements between member countries and IMF staff to monitor the member country’s economic program and re-establish a track record of reform implementation.

At the conclusion of the mission, Ms. Wenjie Chen issued the following statement:

“Mali has faced considerable headwinds in 2025. Recent security-related disruptions to fuel supply have constrained economic activity and mobility across the country, while elevated risks from lower gold production, recurrent power outages, and reduced development and humanitarian assistance have further weighed on the economy. Many of these economic headwinds are likely to persist in the coming months. As a result, growth is projected to slow to 4.1 percent in 2025, and inflation is expected to be below 3 percent.  

“The economy is projected to recover beginning in 2026 thanks to a pickup in gold production and a gradual improvement in security situations. GDP growth is forecasted to reach 5.5 percent in 2026, while inflation should ease to 2.5 percent. However, risks remain firmly titled to the downside.

“Fiscal policy remains appropriate but is constrained by the difficult security environment and limited external financing. The draft 2026 budget envisages a fiscal deficit within the WEAMU 3-percent-of-GDP criterion, underpinned by strong domestic revenue mobilization efforts and prudent control of current spending. Nonetheless, fiscal space remains constrained due to security challenges, limited budget support and high debt-service obligations.

“Despite these challenges, program implementation under the SMP has been strong. The authorities met almost all quantitative and indicative targets for end-September and achieved all structural benchmarks. They remain committed to the transparent use of the IMF’s April 2025 Rapid Credit Facility disbursement and have published the first quarterly report on the use of these resources, along with detailed procurement information—including selection processes and beneficial ownership.  

“Looking ahead, the SMP will continue to support the authorities in implementing a prudent fiscal policy to safeguard sustainability amid challenging financing conditions and high borrowing costs. In the near term, prioritizing the resolution of fuel distribution disruptions is essential to help stabilize economic activity and ease pressures on households and businesses. Other reform priorities include broadening the tax base and strengthening tax and customs administration, improving the efficiency of public spending, addressing vulnerabilities in state-owned enterprises, and preserving space for public investment and protection of vulnerable households.”

The team met virtually with the Minister of Economy and Finance, Mr. Alousséni Sanou, the BCEAO for Mali , Directors and staff of the main ministries and government agencies, development partners, and the private sector.