Mali: Request for Disbursement under the Rapid Credit Facility—Staff Report; Informational Annex; Staff Statement; Press Release on the Executive Board Approval; and Statement by the Executive Director for Mali

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2013 Issue 168

Publication date: June 2013

ISBN: 9781484399972

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Topics covered in this book

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Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , ISCR , CR , staff appraisal , donor , financing gap , government , property administration , Mali's economy , government control , Budget planning and preparation , Credit , Loans , West Africa , Europe , Maghreb , Sub-Saharan Africa , Global

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Spain

Malawi

Summary

The security and political crisis in Mali caused a sharp recession along with tax and external financing shortfalls. There has been a sharp expenditure cut and increased recourse to domestic financing, but the accumulation of arrears is prevalent. The first disbursement under the Rapid Credit Facility (RCF) of special drawing rights (SDR) 12 million in February has catalyzed about $508 million of budget support thus far. Resumption of donor support brightens the path to economic recovery, but there remain important financing gaps. Strengthening public financial management is essential for sustained macroeconomic and fiscal stability.