The IMF Management approved the review on December 15, covering Mali’s 11-month Staff Monitored Program, which was agreed upon in March 2025. The programme is aimed at restoring fiscal sustainability, strengthening governance and public financial management, and protecting vulnerable households.
Staff Monitored Programs are non-financing arrangements designed to help countries rebuild a track record of reform implementation that could eventually pave the way for access to IMF financial assistance under the Upper Credit Tranche.
Mali’s economy has faced significant headwinds throughout 2025. Security-related disruptions to fuel supplies have constrained mobility and economic activity nationwide, while lower gold production, recurring power outages, and reduced development and humanitarian assistance have further weighed on growth.
As a result, economic growth is now projected to slow to 4.1% in 2025, with inflation expected to remain close to 3%. The IMF notes that many of these pressures are likely to persist in the near term.
Despite the difficult operating environment, programme implementation has been broadly satisfactory. Malian authorities met nearly all quantitative and indicative targets for end-September and achieved all agreed structural benchmarks.
The IMF also highlighted the government’s commitment to transparency, including the publication of a quarterly report on the use of funds disbursed under the Rapid Credit Facility in April 2025, alongside detailed procurement and beneficial ownership information.
The IMF expects a gradual recovery to begin in 2026, supported by improved security conditions and a rebound in gold production. Economic growth is forecast to rise to 5.5% in 2026, while inflation is projected to ease to 2.5%, although downside risks remain elevated.
Fiscal policy remains constrained by security pressures, limited external financing, and high debt-service obligations. The draft 2026 budget targets a fiscal deficit within the West African Economic and Monetary Union’s 3% of gross domestic product ceiling, supported by stronger domestic revenue mobilisation and tighter control of current spending.
The IMF identified the resolution of fuel supply disruptions as an immediate priority to stabilise economic activity and ease pressure on households and businesses. Over the medium term, reform priorities include broadening the tax base, strengthening tax and customs administration, improving public spending efficiency, addressing vulnerabilities in state-owned enterprises, and preserving space for public investment and social protection.
While challenges remain substantial, the Fund says continued reform efforts under the Staff Monitored Program will be critical to maintaining stability and laying the groundwork for future financial support.
–IMF/ChannelAfrica–
