- Management of the International Monetary Fund (IMF) has approved the Second and final Review of the Staff-Monitored Program (SMP) with Mali.
- Program implementation was solid amid a challenging environment, with the authorities achieving all quantitative and indicatives targets and implementing structural reforms.
- Mali is showing signs of accelerating growth flowing the difficulties experienced in the security and humanitarian arears in 2025. As the security situation improves and gold production recovers, the economy is projected to strengthen further in 2026.
Washington, DC: Management of the International Monetary Fund (IMF) approved on March 18, 2026 the second and final review of Mali’s Staff Monitored Program (SMP). The SMP, approved in March 2025, aims to ensure fiscal sustainability, strengthen governance and public, and protect the most vulnerable[1].
Mali’s economy is rebounding form the setbacks experienced in late 2025, as security tensions have eased and gold production is recovering. Economic activity in 2025 was dampened by lower gold production and fuel supply disruption in the fourth quarter following terrorist attacks. Looking ahead, measures to restore fuel supply and improve security conditions, the repayment of domestic arrears, and the resolution of the mining dispute are expected to support recovery in 2026. Inflation remains below 3 percent, as in 2025.
Program implementation under the SMP has been robust. All quantitative and indicative targets in the second review—including priority social spending, net tax revenues, domestic and external arrears, and the primary fiscal deficit—were observed, and there was overperformance on some instances. All structural benchmarks were met, including digitalization of tax receipts, interconnectivity of tax administration and the development of an action plan related to the census of public accounts. The authorities remain committed to the transparent use of the IMF’s April 2025 Rapid Credit Facility disbursement and have published the second quarterly report on the use of these resources, along with detailed procurement information on selection processes and beneficial ownership.
While fiscal policy remains appropriate, careful management of potential windfalls is needed amid high gold prices. The 2026 budget envisages a fiscal deficit within the West African Economic and Monetary Union (WAEMU) 3-percent-of-GDP ceiling, underpinned by strong domestic revenue mobilization and control of current spending. Elevated gold and lithium prices could generate additional revenues; transparent and prudent management, guided by a non-mining fiscal anchor, will help avoid procyclical policies.
Maintaining prudent fiscal policy remains essential to safeguard sustainability, as elevated borrowing costs and large development and security needs continue to limit fiscal space. Reform priorities include broadening the tax base, strengthening tax and customs administration, improving public financial management, addressing vulnerabilities in state-owned enterprises, and preserving space for public investment and protection of vulnerable households.
IMF staff commend the Malian authorities for their strong commitment and performance under the SMP. The program has provided an important platform for policy dialogue, strengthening institutional capacity, and advancing reforms that support macroeconomic stability and sustainable growth. IMF staff will continue to work closely with the authorities to advance the reform agenda and address Mali’s evolving economic priorities.
read more: https://www.imf.org/en/news/articles/2026/03/23/pr-26085-mali-imf-approves-2nd-rev-of-the-staff-monitored-program
