IMF approves US $63.06-million loan

Mali will receive SDR 46.65 (US $63.06 million) from the International Monetary Fund (IMF) to support economic reforms, the IMF has reported. The first tranche of the two-part loan, amounting to SDR 6.75 million (about US $9.12 million), will be available in mid August, the IMF said in a statement on 6 August. It is being disbursed under the Fund's Enhanced Structural Adjustment facility (ESAP). The IMF said Mali had made "considerable progress" in reducing macroeconomics imbalances, alleviating economic distortions and fostering growth. However, it added, the economic and financial situation was still fragile, poverty widespread and a substantial chunk of structural and social reforms remained unfinished. IMF Deputy Managing Director Shigemitsu Sugisaki said the IMF board felt Mali should proceed with efforts to rehabilitate the judicial system, accelerate regulatory reform, deepen financial intermediation and upgrade the banking system. It should also go ahead with the restructuring of the energy and telecommunications sectors and "execute the ambitious development programmes in health and education sectors", he said.