Africa Economy Mali

Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding #IMF

Mali

The following is Mali’s statement of intent written by Minister of Economy and Finance Bouaré Fily Sissoko to IMF.

1. On June 10, 2013, the Executive Board of the International Monetary Fund (IMF) approved a
disbursement of an amount equivalent to SDR 10 million (US$15 million) for Mali under the Rapid
Credit Facility (RCF) to support the government policies seeking to maintain macroeconomic
stability and to restore growth in 2013, as part of the broad-based support of technical and financial
partners for the country’s revival after the 2012 security and political crisis.
2. The attached Memorandum of Economic and Financial Policies (MEFP) describes recent
developments in the Malian economy and the progress made in implementing our policies in 2013.
As explained in the MEFP, nearly all the indicators for our policies at end-June 2013 have been
achieved and most measures subject to structural benchmarks have been implemented.
3. This memorandum also sets out the economic and financial policies that the Malian
government intends to implement between now and the end of this year and during the course of
the next three years to preserve macroeconomic stability, support the nascent economic recovery,
strengthen the implementation of reforms to improve the management of public finances that were
interrupted by the security and political crisis in 2012, and facilitate private sector development.
4. To help achieve the objectives of this program, the government seeks a three-year
arrangement in an amount equivalent to SDR 30 million (US$46 million) under the Extended Credit
Facility (ECF). This arrangement will be used to anchor the government’s macroeconomic policies
and act as a catalyst for financial support from Mali’s development partners. The
half-yearly reviews associated with the arrangement will make it possible to send a clear signal to all
stakeholders in Mali’s development regarding the quality of the macroeconomic and financial
policies implemented by the government. 
5. The government believes that the measures and policies described in the attached MEFP
are appropriate for attaining the objectives of this program. It will take any additional measures
necessary to that end. It will consult with the IMF on the adoption of such measures prior to any
revision of the policies indicated in the attached MEFP.
6. The government will provide Fund staff with all information mentioned in the Technical
Memorandum of Understanding (TMU) concerning progress made under the program.
7. The government intends to make public the contents of the IMF staff report, including this
letter, the attached MEFP, the TMU, the informational annex, and the debt sustainability analysis
performed by IMF and World Bank staff. It therefore authorizes the IMF to publish these documents
on its website once the IMF Executive Board approves the new three-year arrangement under the
ECF.

Please access the full document -http://www.imf.org/External/NP/LOI/2013/MLI/120213.pdf

 

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