IMF gives favorable review of Mali economy, noting security concerns

Mali's Real Gross Domestic Product grew 6 percent in 2015 and is projected to grow at approximately 5.3 percent in 2016.
Mali's Real Gross Domestic Product grew 6 percent in 2015 and is projected to grow at approximately 5.3 percent in 2016. | File photo

The International Monetary Fund recently wrapped up a visit to Mali to assess the country's financial progress.

The group, led by Lisandro Abrego, met with Minister of Economy and Finance Boubou Cissé and National Director of Central Bank of West African States Konzo Traoré.

It found that Mali's Real Gross Domestic Product grew 6 percent in 2015 and is projected to grow at approximately 5.3 percent in 2016. The team credited the steady growth and low inflation to strong performance in the agricultural and service industries, but also stressed that the country needed to improve its security to keep the economy moving along at the current clip.

“The mission welcomes the progress made — including during the first quarter of 2016 — in implementing structural reforms, especially in the area of public financial management," Abrego said. "Most structural benchmarks set for the program for the fifth review have been observed, albeit with some delays, and some progress was also made in improving tax administration and in moving forward with financial sector reforms."

The review was the fifth and final in Mali's Extended Credit Facility loan agreement with the IMF. IMF officials are expected to consider the review in June.

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