Mali has made “strong” progress on its IMF backed reform program despite fuel supply disruptions, weaker gold output and mounting security pressures that have slowed economic activity this year, the International Monetary Fund said after concluding a virtual review mission.
IMF staff and the Malian authorities wrapped up talks on the first review of the country’s 11 month Staff Monitored Program (SMP), which was approved in March to help restore fiscal sustainability, strengthen public financial management and protect vulnerable households.
“Mali has faced considerable headwinds in 2025,” said Wenjie Chen, who led the IMF mission. “Recent security related disruptions to fuel supply have constrained economic activity and mobility across the country, while elevated risks from lower gold production, recurrent power outages, and reduced development and humanitarian assistance have further weighed on the economy.”
Growth is forecast to slow to 4.1 percent this year, with inflation expected to fall below 3 percent, according to the Fund. The IMF said many of the pressures are likely to persist in the coming months.
But the outlook brightens from next year. “The economy is projected to recover beginning in 2026 thanks to a pickup in gold production and a gradual improvement in security situations,” Chen said. She projected GDP growth of 5.5 percent in 2026, with inflation easing to 2.5 percent, although she warned that “risks remain firmly tilted to the downside.”
Despite severe financing constraints, the IMF said fiscal policy remains broadly appropriate. The draft 2026 budget aims to keep the deficit within the West African Economic and Monetary Union’s 3 percent of GDP ceiling through improved domestic revenue collection and tight control of current spending. But Chen cautioned that security pressures, limited budget support and high debt servicing continue to squeeze fiscal space.
“Program implementation under the SMP has been strong,” she said. “The authorities met almost all quantitative and indicative targets for end-September and achieved all structural benchmarks.” She also welcomed Mali’s publication of the first quarterly report on the use of its April 2025 Rapid Credit Facility disbursement, including procurement and beneficial ownership details, calling it an important step for transparency.
Looking ahead, the IMF said Mali must prioritise resolving fuel distribution disruptions to stabilise economic activity. Other reform priorities include widening the tax base, strengthening customs and tax administration, improving spending efficiency, addressing vulnerabilities in state-owned enterprises and preserving investment and social protection.
The mission met virtually with Finance Minister Alousséni Sanou, officials of the BCEAO’s Mali office, senior government officials, development partners and representatives of the private sector.
IMF says Senegal keeps the final say on how to handle its debt
