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

IMF News, March 23, 2026

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Management of the International Monetary Fund (IMF) approved on March 18, 2026 the second and final review of Mali’s Staff Monitored Program (SMP).
The SMP was approved in March 2025 and aims to:
- ensure fiscal sustainability,
- strengthen governance and public financial management,
- protect the most vulnerable.

Mali is showing signs of accelerating growth following difficulties in the security and humanitarian areas in 2025.
Economic rebound drivers and risks:
- Security tensions have eased.
- Gold production is recovering after being lower in 2025.
- Fuel supply disruptions in Q4 2025 followed terrorist attacks and dampened economic activity in 2025.
- Measures to restore fuel supply, improve security conditions, repayment of domestic arrears, and resolution of the mining dispute are expected to support recovery in 2026.
Inflation:
- Inflation remains below 3 percent, as in 2025.
Commodity price risks:
- Elevated gold and lithium prices could generate additional revenues.

Program implementation under the SMP has been robust.
All quantitative and indicative targets in the second review were observed, including:
- priority social spending,
- net tax revenues,
- domestic and external arrears,
- the primary fiscal deficit.
There was overperformance in some instances.
All structural benchmarks were met, including:
- digitalization of tax receipts,
- interconnectivity of tax administration,
- development of an action plan related to the census of public accounts.
Transparency measures:
- Authorities committed to transparent use of the IMF’s April 2025 Rapid Credit Facility disbursement.
- The authorities published the second quarterly report on the use of these resources, along with detailed procurement information on selection processes and beneficial ownership.

The 2026 budget envisages a fiscal deficit within the West African Economic and Monetary Union (WAEMU) 3-percent-of-GDP ceiling, underpinned by:
- strong domestic revenue mobilization,
- control of current spending.
Policy caution on windfalls:
- Careful management of potential windfalls is needed amid high gold prices.
- Transparent and prudent management, guided by a non-mining fiscal anchor, is recommended to help avoid procyclical policies.
Fiscal constraints:
- Maintaining prudent fiscal policy remains essential to safeguard sustainability.
- Elevated borrowing costs and large development and security needs continue to limit fiscal space.

Key reform priorities identified:
- broadening the tax base,
- strengthening tax and customs administration,
- improving public financial management,
- addressing vulnerabilities in state-owned enterprises,
- preserving space for public investment and protection of vulnerable households.
IMF engagement:
- IMF staff commend the Malian authorities for strong commitment and performance under the SMP.
- The SMP has provided a platform for policy dialogue, strengthening institutional capacity, and advancing reforms supporting macroeconomic stability and sustainable growth.
- IMF staff will continue to work closely with the authorities to advance the reform agenda and address Mali’s evolving economic priorities.

Press Release No. 26/085, March 23, 2026