Breaking: Mali’s Public Finances in Focus – No External Debt, But Domestic Arrears Loom
July 10, 2025
In a surprising turn of events, recent discussions on social media have centered around the financial status of Mali, particularly rumors that the nation has “no more external debt.” To shed light on this evolving situation, we sat down with Modibo Mao Macalou, a prominent Malian economist, to clarify these concerns and discuss their implications for Mali and the broader economic landscape.
Expert Insights: Debt and Arrears Explained
According to Modibo Mao Macalou, the state of Mali is neither overindebted nor in default regarding its public debt, both internal and external. However, he acknowledges significant arrears in payments to private sector suppliers, amounting to several hundred billion CFA francs.
Recent Borrowings and Debt Figures
The economist confirmed that on June 25, 2025, the Malian government borrowed 25 billion CFA francs from the sub-regional financial market of the West African Monetary Union (UMOA). As of July 9, 2025, the state still had 40 billion CFA francs available on the same financial market.
As of December 31, 2024, the total public debt of Mali stood at 6,810 billion CFA francs, translating to a debt-to-GDP ratio of 49.7%, based on data from the Ministry of Economy and Finance of Mali.
Defining Public Debt: Internal vs. External
Public debt encompasses all financial obligations obtained through loans contracted by the State, its communities, institutions, and associated companies. Internal debt involves borrowing in local currency within the country, whereas external debt involves foreign currencies.
