In a bid to ease its debt burden, Mali’s economy minister, Alousseni Sanou, on state television, said the country would pay off 200 billion CFA francs ($332 million) of its internal debt from next week until the end of the year.
The junta-led West African nation’s economy has been rocked by two coups in 2020-2021 and consequent regional sanctions, as well as years of armed conflict with Islamist militants.
Economy Minister Alousseni Sanou acknowledged the “increasing challenges we face” as he announced the debt repayment.
He did not give an overall figure for the size of Mali’s internal debt when he spoke to the broadcaster over the weekend.
Last year, the International Monetary Fund warned that “the direction and pace of debt accumulation (in Mali) are worrisome.”
The organization said Mali’s domestic debt had risen from a low base of 8.1% of gross domestic product in 2015 to 22.1% as of 2021.
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