Mali’s economy is grappling with major headwinds, including food insecurity and security threats, frequent climate shocks, external financing constraints, and an uncertain economic outlook, the International Monetary Fund ,IMF, said following the 2025 Article IV consultation.
The fund said despite these challenges, the economy is showing resilience and is projected to continue to improve over the medium term.
The authorities remain committed to a 3% fiscal deficit, in line with the WAEMU target to maintain fiscal sustainability, IMF said in a statement.
It also noted that the authorities have launched an ambitious long-term development plan “Vision 2063”, accompanied by a National Strategy for Emergence and Sustainable Development 2024-2033, to achieve high, sustainable, and inclusive growth.
The success of Mali’s strategic move hinges on the implementation of sound macroeconomic policies and making decisive progress on structural reforms, the IMF highlighted.
IMF staff team, led by Ms. Wenjie Chen, visited Bamako from June 9 to 13, 2025, to conduct the 2025 Article IV consultation with the Malian authorities.
The team held productive discussions with the authorities and other stakeholders on recent economic developments, the outlook, and medium-term policies to support macroeconomic stability and inclusive growth.
At the end of the visit, Ms. Chen said, “Mali’s economy has shown some resilience despite significant headwinds. Economic growth is estimated at 4.7% in 2024 unchanged form 2023, due to a combination of factors, including an electricity crisis, flooding and lower gold production.
“The government’s fiscal deficit declined to 2.6% of GDP in 2024 driven by robust revenue mobilization, exceptional payments form mining and telecom companies and tighter control of current spending amid constrained financing.
“Tight financing conditions in the West African Economic and Monetary Union,WAEMU, and the absence of external budget support resulted in high borrowing costs for the Government.
“Real GDP growth is projected to increase to 5.0% in 2025, weighed down by reduced output from the shutdown of the largest gold mine and ongoing security risks. Contingent on resumption of full mining activities, growth is expected to rebound to 5.4% in 2026.
“The fiscal deficit is forecast to widen to 3.4% in 2025, driven in part by government spending to mitigate the impact of the flooding. However, the outlook remains uncertain, with considerable downside risks.
“Fiscal policy should prioritize achieving fiscal sustainability, particularly by converging toward WAEMU’s 3-% fiscal deficit ceiling. Key priorities include strengthening domestic revenue mobilization through broadening the tax base, including from the mining sector, and strengthening the revenue and customs administration.
“Moreover, the authorities should focus on improving spending efficiency while safeguarding public investment and protecting vulnerable households.
“Reducing domestic policy uncertainty and advancing structural reforms are essential to unlocking Mali’s growth potential. Strengthening fiscal governance, improving public financial management, addressing vulnerabilities in State-Owned Enterprises ,SOEs, and enhancing their oversight particularly in the electricity utility, Energie de Mali are critical.
“Greater policy stability and transparent regulatory frameworks are crucial for attracting foreign investment.
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