The International Monetary Fund (IMF) has approved the second and final review of Mali’s Staff-Monitored Program (SMP), originally launched in March 2025, according to a statement issued on Monday, March 23.
The program is designed to support fiscal sustainability, enhance governance, and protect the most vulnerable segments of the population. IMF management highlighted that implementation was strong despite challenging economic and security conditions, with Mali meeting all quantitative and indicative targets while completing key structural reforms.
Mali’s economy is showing early signs of rebound following the setbacks of late 2025. Security tensions have eased, and gold production is recovering after disruptions caused by terrorist attacks and fuel shortages in the fourth quarter of last year. Measures to restore fuel supply, resolve mining disputes, and repay domestic arrears are expected to support further economic growth in 2026. Inflation has remained subdued, staying below 3 percent.
Under the SMP, Mali achieved all quantitative targets, including priority social spending, net tax revenues, arrears management, and primary fiscal balance, with some indicators exceeding expectations. Structural benchmarks, such as digitalising tax receipts, improving tax administration interconnectivity, and developing public accounts census action plans, were also met. Authorities have demonstrated transparency in the use of IMF resources, publishing detailed procurement and reporting information.
Looking ahead, the government faces the task of managing potential windfalls from high gold and lithium prices prudently. The 2026 budget targets a fiscal deficit within the West African Economic and Monetary Union’s 3-percent-of-GDP ceiling, relying on robust domestic revenue mobilisation and control of current spending. Transparent management of resource revenues will be crucial to avoid procyclical policies while continuing to fund development and social programmes.
IMF staff commended Mali for its commitment and performance under the SMP, noting the program’s role in reinforcing policy dialogue, institutional capacity, and reform implementation. The Fund pledged ongoing collaboration to advance the reform agenda, maintain macroeconomic stability, and support sustainable growth as Mali navigates evolving economic priorities.