IMF Management Approves the First Review of the Staff-Monitored Program with Mali

IMF News, December 18, 2025

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Management of the International Monetary Fund (IMF) approved on December 15, 2025 the first review of Mali’s Staff-Monitored Program (SMP).
Press Release date: December 18, 2025.
The SMP: 11-months, 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 that could pave the way for financial assistance from the Fund under the Upper Credit Tranche (UCT).

2025 headwinds and causes:
- Fuel supply disruptions caused by terrorist attacks.
- Reduced gold production.
- Recurrent power outages.
- Reduced development and humanitarian assistance.
2025 macro projections:
- Growth is projected to slow to 4.1 percent in 2025.
- Inflation is expected to be near 3 percent in 2025.
2026 outlook:
- Economy expected to start to recover in 2026, supported by a pickup in gold production and a gradual improvement in security situations.
- GDP growth is forecast to reach 5.5 percent in 2026.
- Inflation should ease to 2.5 percent in 2026.
Risks:
- Many economic headwinds are likely to persist in the coming months.
- Significant downside risks persist.

Implementation assessment:
- Program implementation under the SMP has been broadly satisfactory amid a challenging environment.
- Authorities achieved nearly all quantitative and indicative targets for end-September.
- Authorities achieved all structural benchmarks.
Transparency and use of IMF resources:
- Authorities remain committed to the transparent use of the IMF’s April 2025 Rapid Credit Facility disbursement.
- Authorities have published the first quarterly report on the use of these resources, along with detailed procurement information — including selection processes and beneficial ownership.

Fiscal policy:
- 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 West African Economic and Monetary Union (WAEMU) 3-percent-of-GDP criterion.
- Fiscal consolidation is underpinned by strong domestic revenue mobilization efforts and prudent control of current spending.
Constraints and vulnerabilities:
- Fiscal space remains constrained due to security challenges, limited budget support and high debt-service obligations.
- Need to preserve space for public investment and protection of vulnerable households.

Immediate priority:
- Resolve fuel supply disruptions to help stabilize economic activity and ease pressures on households and businesses.
Continued SMP support and reform priorities:
- Implement a prudent fiscal policy to safeguard sustainability amid challenging financing conditions and high borrowing costs.
- Broaden the tax base and strengthen tax and customs administration.
- Improve the efficiency of public spending.
- Address vulnerabilities in state-owned enterprises.
- Preserve space for public investment and protect vulnerable households.

IMF Communications Department, MEDIA RELATIONS
- PRESS OFFICER: Kwabena Akuamoah-Boateng
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- @IMFSpokesperson

Source: IMF Press Release No. 25/432 (December 18, 2025).