Mali: the country expects a growth rate of 5% in 2023 and 5.2% in 2024
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- 20 Feb 2023
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The Minister of Economy and Finance, Alousséni Sanou, chaired the conference to launch the 2024 budget process on Thursday, February 16. It consists of launching the process of drawing up the draft finance law for next year. . Opportunity for the boss of the Hôtel des Finances to insist on the policies to be adopted to meet the challenges facing the Malian economy.
In 2024, Mali's macroeconomic outlook encourages the implementation of a prudent and responsible fiscal policy, despite an upturn in real GDP growth. This was indicated by the Minister of Economy and Finance, who underlined the resilience of the Malian economy. According to Alousséni Sanou, fiscal policy aims for a budget deficit target of 4.5% of GDP in 2024.
This situation follows on from the government's many commitments, particularly in the context of strengthening achievements in defense and security as well as improving basic socio-economic infrastructure for better living conditions for the population. “ It remains understood that in the medium term, budgetary policy would be part of the dynamics of gradually returning to the community convergence criterion of 3% ”, explained the boss of the Hôtel des Finances, determined to raise the bar.
This economic recovery must be consolidated and strengthened through budget planning and an improvement in the quality of public spending by ensuring the long-term sustainability of public finances. " The growth prospects of 5.% in 2023 and 5.2% in 2024 are better compared to the 2022 growth level of 3.7% ", rejoiced the director general of the Budget, Ahmadou Tijani Haïdara.
Review the country's wage bill
He pointed out that Mali's growth rate in 2022 unlike previous years is lower than the average for WAEMU countries. This can be explained by the effect of economic and financial sanctions. He also mentioned the inflation peak in 2022 (6% for Mali and 7% for WAEMU) which is explained by the consequences of the conflict in Ukraine.
The co-coordinator of the Economy, Finance, Private Sector Development and Statistics dialogue group praised the government's efforts in the context of budgetary control. However, Adalbert Nshimyumuremyi invited the executive to take into account certain points such as the wage bill which represents 56% of the tax budget in 2022 against a community standard set at 35% and to reduce the weight of common charges.
During this meeting, the participants will work on three important themes for the 2024 budget process. The first relates to “ the issue of program performance evaluation: achievements, constraints and challenges ”. The second deals with “the budget preparation process and the relationship between national strategic planning documents and budget documents: issues, good practices and prospects for improvement ”. Finally, the third relates to “ improving budgetary control: the players and their roles ”.
The ceremony was marked by the screening of the magazine “ Feedback on the implementation of the program budget ”. Since, it should be emphasized, budget management in Mali switched five years ago to program budget mode in accordance with Law No. 2013-028 of July 11, 2013, as amended, relating to finance laws. Read More…
