International Monetary Fund Approves $18.4 Million Loan to Mali

by Colonel on January 28, 2013

Mali, the strife-torn West African nation, has been approved to receive an $18.4 million loan from the International Monetary Fund to help stabilize its economy over the next 12 months, the IMF said on Monday.

The Fund said approval of the loan, under its Rapid Credit Facility, will not fulfill all the government’s needs but should send a signal that Mali’seconomy is on the right path, prompting other donors to offer financial assistance.

The IMF first announced in November that it had agreed on a loan with Mali, subject to board approval.

“The disbursement … is designed to help Mali deal with urgent balance of payments need and catalyze financial support from Mali’s international partners, which is critical to Mali’s economic recovery,” the IMF said in a statement.

Other donors that often support Mali include the World Bank, the African Development Bank and France, the IMF said.

” — (Reporting by Lucia Mutikani and Anna Yukhananov; editing by Phil Berlowitz and Matthew Lewis), Copyright 2013 Thomson Reuters


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