Press Release: IMF to Extend 100 Percent Debt Relief to Mali Under the Multilateral Debt Relief Initiative

December 23, 2005

Mr. Abdoul Aziz Wane, the IMF Resident Representative in Mali, issued the following statement on December 22 in Bamako:

"Under the Multilateral Debt Relief Initiative, the IMF Executive Board has approved debt relief for Mali (see Press Release No 05/286). As part of the Initiative, the IMF will provide 100 percent debt relief on all debt incurred by Mali to the IMF before January 1, 2005 that remains outstanding. This amounts to approximately US$108 million, or US$90 million excluding remaining assistance under the Heavily Indebted Poor Countries Initiative. This debt relief should become available in early January as soon as the remaining consents of the contributors to the PRGF Trust Subsidy Account have been received. The international community has made these additional resources available to help Mali make progress toward its Millennium Development Goals.

"Mali has qualified for IMF debt relief because of its overall satisfactory recent macroeconomic performance, progress in poverty reduction, and improved public expenditure management. In particular, Mali has continued to implement sound macroeconomic policies in the face of significant exogenous shocks. These policies have maintained macroeconomic stability, limited the deterioration of public finances, and maintained a focus on reducing poverty. Performance in these areas provides assurance that resources made available under the Multilateral Debt Relief Initiative will be used effectively."

"The IMF looks forward to working with Mali to help it develop a strong and stable economy and to make sustained progress toward the MDGs," he said.


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