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

_IMF News, March 23, 2026_

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**Canonical URL:** [IMF Management Approves the Second Review of the Staff-Monitored Program with Mali](https://www.imf.org/en/news/articles/2026/03/23/pr-26085-mali-imf-approves-2nd-rev-of-the-staff-monitored-program)

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## Bibliographic details
- Published: March 23, 2026

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### Program approval and objectives
- 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.

### Economic outlook and recent developments
- 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 and quantitative/structural outcomes
- 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.

### Fiscal stance, windfalls, and policy guidance
- 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.

### Reform priorities and IMF engagement
- 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_

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## References

- [Mali and the IMF](http://www.imf.org/external/country/MLI/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Staff Monitored Program](https://www.imf.org/en/about/factsheets/sheets/2023/staff-monitored-program-smp)
- [SMP](https://www.imf.org/en/publications/cr/issues/2025/05/09/mali-request-for-disbursement-under-the-rapid-credit-facility-and-request-for-a-staff-566852)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2026/03/23/pr-26085-mali-imf-approves-2nd-rev-of-the-staff-monitored-program_