The International Monetary Fund (IMF) has announced a staff-level agreement with Mali for approximately $120 million in emergency financing. This move comes as the West African nation grapples with escalating food insecurity.
According to the IMF statement released on Tuesday, Mali is facing increased import costs for essential commodities like food and fertilizers, attributed to a regional funding squeeze and recent geopolitical shocks.
Pending approval by the IMF Management and Executive Board, Mali is set to receive a disbursement aimed at covering food provision expenses and facilitating access to vital resources such as clean water, sanitation facilities, and shelter for displaced individuals.
The IMF underscored the uncertainty surrounding Mali's near-term economic outlook, citing severe electricity outages, security challenges, a decrease in projected gold production, and a delay in elections as key concerns.
Despite a 4.4% economic growth rate recorded last year, the IMF anticipates a slowdown in Mali's real GDP growth to 3.8% in 2024.
- Reporting by Anait Miridzhanian; Editing by Sandra Maler
