Mali anticipates a gradual increase in its sovereign borrowing requirements over the next three years, driven by a new medium-term strategy designed to prioritize the regional financial market, extend debt maturities, and preserve fiscal sustainability.
According to the 2027–2029 Medium-Term Public Debt Strategy formulated by the Ministry of Economy and Finance, state borrowing needs are projected at 1,858.5 billion CFA francs in 2027, rising to 2,044.1 billion in 2028 and reaching 2,467.2 billion in 2029. Over the three-year planning horizon, total cumulative financing needs will reach nearly 6,370 billion CFA francs, equivalent to approximately 9.7 billion euros.
By the end of 2026, Mali’s outstanding public debt is projected to reach 7,447 billion CFA francs, representing 38.8% of gross domestic product (GDP). This debt load remains below the 70% debt-to-GDP ceiling mandated by the West African Economic and Monetary Union (UEMOA). Domestic obligations comprise the largest share of the portfolio at 4,372.4 billion CFA francs, or 58.7% of total debt, carrying an average borrowing cost of 5.7%. External debt accounts for the remaining 3,074.8 billion CFA francs, or 41.3%, with an estimated grant element of 80.9%, bringing the average cost across the combined public debt portfolio to approximately 3.7%.
To manage refinancing risks, Bamako plans to lengthen borrowing maturities on the UEMOA regional market by increasing issuances of debt securities with terms exceeding five years, while reducing reliance on short-term Treasury bills. The regional market will remain the primary liquidity source, covering an estimated 95.2% of new financing needs in 2027 before the external financing share rises to 12% by 2029. For external capital, the government intends to secure highly concessional resources from multilateral institutions, including the International Development Association (IDA), the African Development Fund (ADF), and the International Fund for Agricultural Development (IFAD), alongside domestic tax reforms targeting a tax-to-GDP ratio of 15.8% in 2027 to contain deficit expansion.
MD/te/lb/abj/APA