IMF Executive Board Completes Sixth Review Under Mali’s ECF and Approves US$25.8 Million Disbursement for Mali
On December 2, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the sixth review of Mali’s performance under an economic program supported by an Extended Credit Facility (ECF) arrangement. The decision enables the disbursement of SDR19 million (about US$25.8 million), bringing total disbursements under the arrangement to SDR60 million (about US$ 1.3 million). The decision was taken on a lapse of time basis.
The Executive Board also approved the authorities’ request for the modification of the ceiling on the continuous performance criterion on non-concessional external debt.
The ECF arrangement for Mali was approved by the Executive Board on December 18, 2013 for SDR 30 million (about US$ 40.7 million), see Press Release No. 13/524). On June 9, 2016, the Board approved a one-year extension of the arrangement to December 17, 2017, as well as an augmentation of the resources available under the arrangement, bringing total amount of the arrangement to SDR 98 million (about US$ 132.8 million).
Mali’s economy continues to grow at a strong pace, with a projected GDP growth of 5.4 percent for 2016 and 5.3 for 2017. Activity is being supported both by public capital spending and the regional central bank’s (BCEAO) accommodative policy. Inflation is projected to decline to 0.5 percent by end-December and is expected to remain contained at 1 percent. This favorable outlook is, however, subject to downside risks stemming mainly from Mali’s fragile security situation.
The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.