WASHINGTON, June 18, 2013 – The World Bank Board of Directors today approved $US50 million IDA* credit to support the Mali Government’s efforts to improve transparency and accountability in its executive offices, protect the progress already made in programs to assist the country’s poor, and prepare for a rapid economic recovery.
“As a land-locked country with an economy that is highly rain-dependent, Mali’s economic progress is vulnerable to climatic and commodity price shocks,” said Ousmane Diagana, World Bank Country Director for Mali. “Todays financing will support the Government as it moves to rebuild its institutions following last year’s political crisis, which will spur economic development and help bring food security and income to Mali’s poor.”
Today’s approval of the Recovery and Reform Support Credit aims to support the Government of Mali’s three-pronged approach to rebuild from last year’s political crisis: executive accountability, poverty reduction, and economic recovery.
The funds will primarily support programs in the Emergency Priority Action Plan 2013-14, including policy actions aimed at strengthening controls on budget and transparency, protecting pro-poor expenditures, and restoring financial sustainability and investment capacity in the power and water irrigation sectors. The supported activities are part of the broader policy reform agenda recently pursued by the Mali Government.
“Last year’s crisis had a significant social impact, as basic service delivery and humanitarian assistance dwindled and people were forced out of their communities,” said Sébastien Dessus, Task Team Leader. “We are eager to support the Government of Mali as it carries out this project.”
* The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing loans (called “credits”) and grants for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives. IDA is one of the largest sources of assistance for the world’s 82 poorest countries, 40 of which are in Africa. Resources from IDA bring positive change for 2.5 billion people living on less than $2 a day. Since 1960, IDA has supported development work in 108 countries. Annual commitments have increased steadily and averaged about $15 billion over the last three years, with about 50 percent of commitments going to Africa.