Mali will settle its internal debt of $332 million, according to the minister

In an effort to lessen its debt load, Mali’s economy minister announced on state television that the country would settle 200 billion CFA francs ($332 million) of its domestic debt starting next week and continuing through the end of the year.

Two coups in 2020–2021 and the ensuing regional sanctions, along with years of armed struggle with Islamist militants, have shaken the economy of the junta-led West African nation.

As he announced the debt repayment, Economy Minister Alousseni Sanou acknowledged the “increasing challenges we face.” In his interview with the broadcaster on Friday, he did not provide a total amount for the magnitude of Mali’s internal debt.

The IMF issued a warning last year, stating that “the direction and pace of debt accumulation (in Mali) are worrisome.”

Mali’s domestic debt increased from a low base of 8.1% of GDP in 2015 to 22.1% as of 2021, according to the Fund.

$1 is equal to 601.7500 CFA francs.