Bamako – Mali announced on Friday it had “settled all unpaid” debt repayments after tough sanctions imposed by West African states following two coups in the Sahel nation.
Bamako proved unable to service its debt during the January-July sanction period, the finance ministry said in a statement.
After the penalties, which included a financial and trade embargo, were lifted on July 3, “all measures were taken to settle the outstanding sums”, it added.
“The State of Mali has the honour of informing economic operators and technical and financial partners that all of Mali’s outstanding debts have been settled,” the statement said.
The ministry said foreign debt now stood at more than 130 million euros while monies raised through the markets were more than 101 million euros.
ALSO READ | West African court orders suspension of Mali sanctions
One of the poorest nations in the world, Mali has been battered by a jihadist campaign that began in the north in 2012 and has claimed thousands of lives and displaced hundreds of thousands.
Mali suffered a military coup in August 2020 and again in May 2021.
That led the World Bank and African Development Bank to suspend payments to Bamako, which had defaulted particularly on loans raised on the West African markets.
The junta finally accepted demands from the Economic Community of West African States (ECOWAS) and scrapped plans for a return to civilian rule after five years.
New electoral legislation has been drawn up and a date set for presidential elections in February 2024.
Follow African Insider on Facebook, Twitter and Instagram
Source: AFP
Picture: Pexels
For more African news, visit Africaninsider.com
