Mali plans to pay off 200 billion CFA francs, equivalent to $332 million, in internal debt.
The repayment will occur from next week until the end of the year.
This initiative aims to alleviate the nation’s growing debt burden, as announced by the economy minister.
Alousseni Sanou made the announcement during a state television broadcast on Friday.
The junta-led nation has faced significant economic turmoil following two coups in 2020 and 2021.
Mali has also experienced regional sanctions and prolonged armed conflict with militants.
Sanou acknowledged the “increasing challenges we face” during his statement to the broadcaster.
However, he did not provide a specific figure for the total size of Mali’s internal debt.
The International Monetary Fund expressed concerns about Mali’s rising debt levels in recent reports.
Last year, the Fund described the pace of debt accumulation as “worrisome.”
Mali’s domestic debt has surged from 8.1% of gross domestic product in 2015 to 22.1% by 2021.
As the government works to stabilize the economy, the debt repayment strategy is seen as a critical step.
Analysts suggest that addressing the debt burden is essential for Mali’s financial recovery.
Mali’s economic future remains uncertain amid ongoing political instability and security challenges.
The government’s efforts will be closely monitored as they navigate these complex issues.
