Sub-Saharan Africa
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World Bank Blocks $60 Mln for Mali While Country is in Financial Difficulty, Minister Says

© Photo Ministère de l'Économie et des Finances du Mali Alousséni Sanou, Mali's Minister of Finance
Alousséni Sanou, Mali's Minister of Finance - Sputnik Africa, 1920, 30.06.2024
Mali's economic situation is exacerbated by security problems. The country is located in the Sahel region, which is plagued by a jihadist insurgency. In September 2023, the country, along with its neighbors Niger and Burkina Faso, formed the Military Alliance of Sahel States to jointly combat the threat.
The World Bank is blocking a $60 million loan for Mali while the country is in financial difficulties, the country's finance minister, Alousséni Sanou, said during an intervention before the National Transitional Council.
The international institution is proposing unfavorable conditions for the disbursement of this amount, the official explained. Bamako signed a contract with Niamey to buy oil at advantageous prices in order to support its energy sector. However, the World Bank requires Mali to buy electricity from the countries of the Senegal River Development Organization, of which Niger is not a member, he noted.
Malian Foreign Minister Abdoulaye Diop at the Crans Montana Forum. - Sputnik Africa, 1920, 28.06.2024
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In addition, the bank is demanding a reduction in the workforce in order to mobilize the sum – a measure that could lead to layoffs and have a negative impact on the economic situation, the minister added.
The $60 million loan was negotiated last April. It was intended to "improve energy supply" and finance the installation of photovoltaic infrastructure to diversify the country's energy sector.