Mali Moves to Ease Debt Burden with CFA Francs Repayment

Mali plans to pay off 200 billion CFA francs of its internal debt in a move to alleviate its financial burdens, according to the country's economy minister. The announcement comes amid economic challenges following political instability and armed conflict. The IMF has expressed concerns over Mali's rising domestic debt.

Mali is set to alleviate its financial burden by repaying 200 billion CFA francs ($332 million) of internal debt, economy minister Alousseni Sanou announced on state television.

The West African nation's economy has struggled due to two coups between 2020 to 2021 and continuous conflict with Islamist militants, leading to regional sanctions.

IMF reports have highlighted the rapid pace of Mali's domestic debt accumulation, rising from 8.1% of GDP in 2015 to 22.1% in 2021, escalating economic pressures.

(With inputs from agencies.)