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Mali [electronic resource] : First and Second Reviews Under the Extended Credit Facility Arrangement, Request for Waiver of Performance Criteria, and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Mali.

Author/Creator:
International Monetary Fund. African Dept.
Publication:
Washington, D.C. : International Monetary Fund, 2014.
Format/Description:
Government document
Book
1 online resource (111 p.)
Series:
IMF eLibrary
IMF Staff Country Reports; Country Report No. 14/337.
IMF Staff Country Reports; Country Report No. 14/337.
Status/Location:
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Local subjects:
Budgets. (search)
Debt sustainability analysis. (search)
Economic indicators. (search)
Extended Credit Facility. (search)
Fiscal policy. (search)
Fiscal reforms. (search)
Letters of Intent. (search)
Performance criteria modifications. (search)
Performance criteria waivers. (search)
Press releases. (search)
Staff Reports. (search)
Mali. (search)
Summary:
EXECUTIVE SUMMARY Context: Economic recovery is under way but remains fragile. The buildup of the large- scale donor support has been hampered by serious lapses in public financial management (PFM), which raised governance concerns. As a result, the first review, initially scheduled for June, was delayed and donor budget support was temporarily put on hold. Program performance: With remedial measures now in place to address the PFM weaknesses, the program remains on track. The authorities are requesting waivers for performance criteria (PC) on: tax revenue, which was missed owing to a shortfall in revenue from the gold sector and weaknesses in tax administration; and non- concessional borrowing, to accommodate an investment project in hydroelectricity, which is narrowly non-concessional. They are also requesting a modification for end- December 2014 PCs on bank and market financing of the government and gross tax revenue owing to this weakness in tax revenue and the incorporation of off-budget spending as part of the remedial measures for the PFM lapses. Main policy recommendations: • Strictly implement budget and procurement rules to restore business, consumer and donor confidence. • Maintain macroeconomic stability by keeping the basic fiscal balance close to zero and the overall fiscal balance in line with debt sustainability. • Raise tax revenue by close to 0.5 percent of GDP annually. • Improve public financial management. • Accelerate reforms to improve the business environment, including by strengthening governance and anti-corruption efforts.
Notes:
Description based on print version record.
Contributor:
International Monetary Fund. African Dept.
Other format:
Print Version:
ISBN:
1498358489:
9781498358484
ISSN:
1934-7685
Publisher Number:
10.5089/9781498358484.002
Access Restriction:
Restricted for use by site license.