• Mali plans to raise CFA1,450 billion on the WAEMU financial market in 2026
• Issuance will be spread quarterly through Treasury bills and bonds
• Regional market remains central to Mali’s budget financing strategy

Mali has officially launched its 2026 public securities issuance calendar, setting a target of CFA1,450 billion, or about $2.6 billion, to be raised on the WAEMU regional financial market.

The plan, announced on February 6, reflects the government’s continued reliance on market-based instruments to finance its budget through structured and predictable operations.

The annual amount will be raised gradually under a quarterly schedule, with CFA340 billion planned for the first quarter, CFA400 billion for the second, CFA430 billion for the third, and CFA280 billion for the fourth. The approach is designed to improve visibility for investors and support portfolio planning. Issuances will focus mainly on two instruments: Treasury bills to meet short-term cash needs and Treasury bonds for medium- and long-term financing.

Operations will be conducted through auctions or, where applicable, public offerings. Yields will depend on market liquidity conditions, instrument maturity, and investor demand at the time of issuance.

A key regional market for Mali’s state financing

In 2025, Mali raised CFA1,193 billion through 34 issuances, underscoring the importance of the regional market in its financing strategy. Most subscriptions came from domestic banks, including Banque de Développement du Mali (BDM-SA), Banque Malienne de Solidarité (BMS-SA), and Banque Nationale de Développement Agricole (BNDA).

With a higher target set for 2026, authorities are relying on the regularity of issuances, available banking liquidity, and sustained investor appetite to ensure the program’s success.

Chamberline Moko