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Covid-19: Mali receives 200mln IMF support

Monday, 04 May 2020 16:04
Covid-19: Mali receives 200mln IMF support

(Ecofin Agency) - The International Monetary Fund approved the disbursement of $200 million (CFA120 billion) under the rapid credit facility to help Mali meet urgent balance-of-payments and fiscal needs caused by the new pandemic.
The investment will be used in urgent spending on health services as well as firms and households affected by the drastic measures used to control the propagation of the virus.

Ibrahim Boubacar Keïta's plan of more than CFA500 billion to revive the economy and limit social damage is undergoing severe financing tests. “The emergency financing under the IMF’s Rapid Credit Facility, following the recent approval of debt service relief under the Fund’s Catastrophe Containment and Relief Trust, will support the authorities’ response to the crisis,” IMF says.

However, the Fund warns that “additional support from the international donor community will be needed to mitigate social and economic effects,” inviting authorities to adopt high standards of transparency and governance in the management of development partners' financial assistance.

In Mali, as in all the WAEMU countries, the economic outlook has deteriorated significantly. Economic growth is expected to slow to below 1%, increasing the already high rates of unemployment and poverty.

Fiacre E. Kakpo

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