IMF, Malian reach staff-level agreement for $120m emergency financing

The International Monetary Fund (IMF) has reached a staff-level agreement with Malian authorities to provide emergency financing through the Exogenous Shock Window of the IMF’s Rapid Credit Facility (RCF), according to an official IMF statement on Wednesday.

“I am pleased to announce that the IMF team has reached staff-level agreement with Mali on emergency financing through the Exogenous Shock Window of the IMF’s Rapid Credit Facility (RCF). Upon approval by IMF Management and Executive Board, Mali would receive about US$120 million (or about 0.6 per cent of GDP).” Wenjie Chen head of the IMF team in Mali stated.

According to the statement, the agreement comes in the wake of multiple exogenous shocks that have hit Mali’s economy, including global unrest such as the Russian-Ukrainian ongoing conflict, and the Red Sea shipping blockade.

These shocks have exacerbated the country’s budgetary strains, elevated living costs, and heightened food insecurity, impacting a significant portion of the population.