IMF board extends country's credit facility, disburses $26.9M

Pulse Staff 16:42 - 09 June 2016

Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo October 10, 2012.

The move also expands the total amount available under the extended credit facility arrangement by nearly $85 million to a new total of $138.8 million. About $58.1 million of this has now been disbursed, the Fund said.

The International Monetary Fund on Thursday said its board approved a one-year extension of Mali's credit facility and the disbursement of about $26.9 million to the West African country.

"The Malian authorities continue to make good progress with the implementation of their economic program. Growth is robust and inflation remains low, although security conditions continue to be a challenge," IMF Deputy Managing Director Min Zhu said in a statement.

The board also approved modifications to the performance criteria for Mali's gross tax revenue and government financing.

Zhu said the changes allow for a higher overall fiscal deficit for Mali, notably to accommodate needs related to a peace agreement, but added that Malian authorities were committed to a gradual fiscal consolidation.