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Mali - Third Structural Adjustment Programme (SAP III) - Completion Report
The Structural Adjustment Programme (phase III) was part of the process to consolidate reform measures that had been implemented from 1991 and especially until after devaluation of the CFA Franc in 1994, with the support of the IMF’s Enhanced Adjustment Facilities (ESAF), the IDA and ADF structural adjustment measures, alongside bilateral partners each according to its area of interest. From 1994 to 1999, the Malian economy performed well, thus attracting the support of the international finance community and gaining eligibility for HIPC resources. Notwithstanding the ground covered under the reform programmes with the help of its partners, Mali’s economy which had fared well previously, could not withstand external shocks and avoid the effects of the nearly 30% drop in export prices. The country experienced a serious cotton crisis in 1999-2000, when cotton production fell by more than 50%, growth slowed down by over 2.5% percentage points, revenue and employment fell drastically, and poverty became more widespread. Despite support from partners and the take-over of the gold sector, the country was unable to amortize all the effects of the shock. After approving Mali’s debt relief proposal in December 2000, the Bank Group on request, co-financed SAP III with a joint reform programme support, in concert with IDA, EU and other bilateral partners. The programme was implemented between 2001-2003 by IDA, and by the ADF during an 18-month period spanning 2002-2003.