Mali: Request for Disbursement under the Rapid Credit Facility—Staff Report; Informational Annex; Staff Statement; Press Release on the Executive Board Approval; and Statement by the Executive Director for Mali

IMF Staff Country Reports, June 21, 2013

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Canonical URL: Mali: Request for Disbursement under the Rapid Credit Facility—Staff Report; Informational Annex; Staff Statement; Press Release on the Executive Board Approval; and Statement by the Executive Director for Mali

The security and political crisis in Mali caused a sharp recession along with tax and external financing shortfalls.
There has been a sharp expenditure cut and increased recourse to domestic financing.
The accumulation of arrears is prevalent.
Resumption of donor support brightens the path to economic recovery, but there remain important financing gaps.
Strengthening public financial management is essential for sustained macroeconomic and fiscal stability.

Sharp recession driven by security and political crisis.
Tax shortfalls and external financing shortfalls constrained budgetary resources.
Authorities implemented sharp expenditure cuts.
Increased recourse to domestic financing has occurred.
Accumulation of arrears is prevalent, indicating stress in payment obligations.

The first disbursement under the Rapid Credit Facility (RCF) was special drawing rights (SDR) 12 million in February.
This RCF disbursement has catalyzed about $508 million of budget support thus far.

Resume and maintain donor support to help economic recovery and close financing gaps.
Strengthen public financial management (PFM) to support sustained macroeconomic and fiscal stability.
Address accumulation of arrears and reduce reliance on domestic financing where possible to restore fiscal credibility.