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IMF approves $18.4m loan to Mali

Last modified: 29 Jan 2013 00:27

The International Monetary Fund has approved an $18.4m loan to strife-torn Mali to help the West African nation stabilise its economy over the next 12 months, the IMF said.

It said on Monday that approval of the loan, under its Rapid Credit Facility, should send a signal that Mali's economy is on the right path, prompting other donors to offer financial assistance to Mali.

"Mali's economy is traversing a particularly difficult period as a result of the 2011 drought, insurgent attacks in the north of the country and political instability in the wake of
the military coup in March 2012," the IMF said in a statement.