Wednesday, January 4, 2012

Mali Seventh Review Under the Extended Credit Facility and Request for a new Three-Year Arrangement Under the Extended Credit Facility-Staff Report

The discussions were held in Bamako during September 5–16, 2011, and continued in Washington during September 23–26. The staff team comprised of Mr. Josz (head), Ms. Farahbaksh, and Messrs. Hitaj (all AFR), Nguenang (FAD), Féler (resident representative) and Traoré (local economist). Mr. Belhocine (FAD) participated in the discussions held in Washington. The team met with the Prime Minister, the Minister of Finance and Economy, the Deputy Minister in charge of the Budget, the National Director of the regional central bank (BCEAO), as well as well as representatives from the private sector, trade unions, civil society, and the donor community.

ECF arrangement. The three-year arrangement under the Extended Credit Facility (ECF) was approved on May 28, 2008, in the amount equivalent to SDR 27.99 million (30 percent of quota). The fifth review was completed on January 26, 2011, when the arrangement was extended until end-December 2011. The sixth review was completed on June 13, 2011, when its access was augmented by SDR 25 million (27 percent of quota). The authorities are requesting the eighth and last disbursement under the arrangement (SDR 6 million).

Successor ECF. In the attached Letter of Intent (LOI) and Memorandum of Economic and Financial Policies (MEFP), the authorities are requesting approval of a successor three-year arrangement under the ECF, in the amount equivalent to SDR 30 million (32 percent of quota) in support of their new strategy to increase growth and reduce poverty, and the first disbursement under the new arrangement (SDR 6 million).

Staff views. Based on the strong program implementation and the authorities’ policy intentions, the staff recommends completion of the seventh review of the current ECF arrangement and approval of the authorities’ request for a new three-year ECF arrangement.

Published: January 04, 2012. Series: Country Report No. 12/3. Joint IDA/IMF Debt Sustainability Analysis; Informational Annex; Statement by IMF Staff Representative; Statement by Alternate Executive Director for Mali; and Press Releases

For more information about Mali see Proyects Western Africa


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