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World Bank Document R iEST R I C T E D ,2II? ~ Report No. AF- 50 isrort was prepare' 'or use within rhe Bonk and its omlioted organizations | Public Disclosure Authorized Theydo not accept responsibility for its accuracy or completeness. The report may not be published nor may it be quoted as representing tneir views. __ .~~~~~~~~~~~~~~~~~~~~~~~~~~~. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION Public Disclosure Authorized THE ECONOMY OF MALI Public Disclosure Authorized September 13, 1966 Public Disclosure Authorized CURRENCY EQUIVALENTS 1 Mali franc (M.F.) - 1 CFAF-' 004 fTiU.S. 247 Mali francs = 1 $ U.S. 1 million Mali francs= 4L,051 $U.S. 5Q Mali francs = 1.French franc 1/ Franc of the African Financial Community which circulated in Mali until 1962 and is still the legal tender in most neighbouring couRtries. Table of Contents Page No. BASIC DATA IAPS SUMAIARY AND CONCLUSIONS I. INTRODUCTION 1 The Physical Setting 2 Political Developments 2 The Economic Setting 3 II. THE BCONOI 5 Main Features 5 Plain Sectors 5 Investment and Savings 9 III. FINANCIAL AND MONETARY SITUATIOil 12 Current Budget 12 Budgetary Pleasures taken or to be taken under the Stabilization Plans 13 State Enterprises 15 Mcrnntarv Svstem and nevelonments 16 IVT nAT.A1\JGE nR PAYM1TS 1TTRM1RNAT. DEDBT AN)D PRnSPET.GT 20 Past and Present Situation 20 The i4ediuxn Term Outlook 23 Long Range Prospects 2 AITNZY. - Production, P-prorts anrd Trlonen+ in the Principal Sectors of the Economy STATISTICAIL APPEIDIX This report is based on the findings of Mr. Billington's missions to Iali in October! 1963 and October 1964 and 7'f.f"e in Jte4 L965. DBQTr' TArPA Area: 463,ooo sq. miles; 1,200,000 square kms Population: 4,5 million (mid 1964) Rate of growth: 2,4% Population density (per sq. mile) : i1 Population density, per sq. mile of cultivable 'Land: 23 Political status: Independent as part of Federation with Senegal - April 1960 Independent as Mali - September 19b0 Gross domestic product: 75.3 billion Mali Francs (1964) Rate of growth: 2.5% p.a. (1959-64) 1.5% p.a. (1962-64) Per capita: US$66 (1964) Percent of GDP represented by: Agriculture, Forestry & Fishing: 57% Mining: _ MYanufacturing: 7% Government: 11% Percent of GDP at market prices: 1964 1959-63 Gross investment 12% 16%, Gross savings 2% 8% BRalance of nqvTnnnts current aCCount deficit 1IC 8% Goverrment taxation revenue 16% 10% Resource gap as % of investment 84% 50% Money and credit: Conversion: 1 I' _ $0.004 I $ - 247 WM' Re la ti on. b s" to'Jlr gemor.etary or custom. -area:. AsoitIe.e f' T.r. Feb.1966 Dec.1962/65(p.a.) Total money supply iP 19.97 12% Time and savings deposits MF 0.70 22% Lending to private sector 1/ i'S-19.39 32% Cost of living for urban population 1956 = 100 1965 = 152 1/ Mainly State enterprises Public sector operations 1964/65 1959-1964/65 Government current receipts 17 33.1 billion 17% Government current expenditures MF 13.5 " 20% Deficit IF 0.4 " 1961-1963/64 Public investment expenditures IT 10.2 " 12% Total external assistance to public sector IF 7.1 " 32% External public debt (in million US$) Past average 1964 Total debt 10', 126 Total annual debt service 5.8 7.2 Debt service ratio (over exports) 16% 20% Balance of payments (in US$) 1964 1959-64 Total exports 3 million 1-1/2% Total imports -63.2 n 5-1/4% Net invisibles - 4.4 it -22% Net current account balance -30.8 " 7-1/2% Past average 1964 Groundnuts and livestock as rDroDortion of total exports 63% 63% GOross foreign exchange reserves I.5 2.0 (or 1 month's imports) (or 10 dayst imnorts) IMF Position (in US$ million) Past average 1966 Drawings 9.9 10.9 External financial assistance (in US$ million) 1960-1964 Grants 2// (1961/,6 -AO196/I 33.2 Loans 3/ 110.9 France 33.2 TICC'n I) p UAR 16.6 C-lana 13. People's Republic of China 7.3 Fed. Republic of Germany 4. 2/ For Development Plan only 3/ Largely on soft terms .~ )'jA L G E R I A A L AlI T.... III ClE1E; UD1>Ea \- i , (F - ' I E N N )~~~~~~ N V I C,. VOLTAAx~~~~~~~~~~~~~~~~~~~~~~~~~CIBLCTI. - INO.N~~~~~<> IA' CUUST( ' ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~NGFO ) 00 Al LUACOUL'- E t 5 - AU jA.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ GUA~~~~SCI u IAMEY(UG ____ tJwrourenR~A g Gto '½U A, LIBE Aoloacni ( U B Mor''l ;)) l\-v.vi \ C h AN1A o ORI)TE5eTUilAT ery~~~~~~, N$ Ei=BOU<A C, 1\RNK b. - - I AAA.d|' A~~~~~~~~~~~~~~~~~~~~~AI o UR :bKORO^d!GA.) ~~~~~~~~~~~~~~~~~~~~OIA~~II . so o 50/.0 150 200 KmI_ GN u E A~~~~~~~~~~~~~~~~~~~~~~~~~AAU T 'ANS' l'TO RNKRO TJ TM NIE KAIAGAni MU ~IKUI |UGCUIAC OOUGOU ~~'l~~~~~~CUZZ,U,R~~~~~~~~~A~~~IKO,~~~~~~~ TUN RO TE N N.)TU NZE ARF ELDS I)' IAG4ŽUA *'- I \~F, U - 9 '-'-A--.--. eI,AI'RAAUVR~~~~~~~~~~~~~~~~~~~~~~~~~ jUNE~ ~ ~ ~ U~AV__ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ \ _ ~~~~~~~~~~MAP2 \_ T \I_ / ~ ~ ~ L / S eF E I ~~~-~-j * 1 -J1 - - ' I I~~~~~~ ~ f j. J _ ' Cj' Li~~ / - -' ' r% I~s 4-5 I 6 #:- 4 _, , _ , _ CL J :.1~~I .. ~~-. Ij; - s 0 3~~~~~~ ~ . i- - ! 1 - . :- ::-, I~~~~~~,. -. - - - .. , \ .. 1 "~~~~ 01 |~ )n 1-| I ~ ~ ~ L /F'1[j' -~~~~~~ V,.''.. .A~ I 1 _ . L G' E RI 'I~~~~~~~~~~~~~~~~~~~~ s iSk ts HX -f ~~~~- - gtXvg :0 ,4'7-_J ___ , , ERUS O)FINHABITANTSi; ( / PER Sl_ QUR'N KILOMET| 4~~~~~~~~~~~~~~~~~~~~~~~~~~~~i ~2 QLfUMBER "; 20 \ -%.I 9 - 4 y t)'R S ''/t't C 200 K. 0 0 I I 5O 50 q~~~~~~~~~~~~~~~~~~~~~~~~~~~50 B- FR i clElR °>t ) } g; _ < R- -JUNE 19S6 SUINUARY AND CONCLUSIONS i. The limited resources and the geographical isolation of Mall, a land-locked country of 4 million people, with a per capita income less than $70 pea., provide one of the least promising natural settings for economic development in Africa. The country is largely desert, its i;conomry is based on subsistcnce a. riculture and its Lkain source of income has traditionally been the export of cattle on the hoof and groundnuts; cotton is a vigorous newcomer. There are no known mineral resources of conmercial siinificance and manufacturing is largely limited to the simple processing of local primary products. ii. Even before independence i'iali was relying upon the outside world for much of its resources and goods. Upon independence in 1960, the Government set out to modify this situation by establishing a central- ly planned economy. exoanding the scope and number of public enter- prises and launching an ambitious development program which would have been difficult to carry out even in a much more develoned country. Meanwhile, for political, ideological and economic reasons, Yali severed mTnst of thp. links whinh it. hni with its West AfriGan neighbors and Francej which culminated in 1962 with the withdrawal of Mali from the French supported West A.frican lnonetary Union - nlbli then ised a currency of its own. iii. Having thus added political and economic isolation to geogra- ph1,i c al -SsoJla la+ io n, 1`1 4encountered In-cra-ing.J-'.ali diffA.L ^ '+i i J out its program, in spite of substantial help from Eastern countries w.LUtLhJL w ichLi .L s t,arteU tJi. dL.LLr,J VViv VJ±o koJ= ba siL o blateralLf 1 arrangements. It resorted to large scale use of central bank borrow- | lngs an iI11U.EU U ElJu 11At:U.LUi1 btsLUUI 'M A U^t;s,e rL;1 :JU z O:L t:I yOU1_cJ. UV L EJULAot, its development program but also to provide much needed consumption goods. iv. These moves which resulted in little actual growth led to an acute financial crisis after llali had foregone the possibility of assistance from the Wesb African Monetary Unlon. T hi leU tXe GovenL- ment to approach the International Mionetary Fund for assistance in 1964. In order to qualify for a stand-by, which it obtained for one year starting July 1964, Miali introduced a stabilization program in agreement with the INF. In spite of determined efforts, notably in taxation, for the better part of a year, Mali found itself unable to meet all of its commitments; little was done to improve the situation of the deficitary public enterprises, Government spending remained high and consequently the agreed credit ceiling was substantially exceeded. v. Early in 1965, the Government initiated negotiations with the French Government concerning the various ways in which France could provide additional assistance, including the possible re-entry of I'Mali into the West African Mlonetary Union. In spite of agreement on most technical matters, these discussions were interrupted in lvlay 1965 and adjourned sine die. There is no doubt that the long run solution of Mlalits economic and financial problems are dependent upon the strengthening of its coiTIe rcia 1 and institutional links -with the outside world and in particular with neighboring countries which 14ali vitally needs as a market, as a s Juppler,as a provider of aid, or simply for access to the sea, and probably on some form of regional monetary association. vi. In December 1965, after consulting with the International Development Association, ^iNali embarked upon another set of measures intended to solve some of its most pressing oroblems. A number of steos have already been taken to promote production and exports, particularly of groundnuts and cotton, to increase taxes and tax collection and to keep current and investment expenditures within the limit of available resources.
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