(Ecofin Agency) - Mali plans to repay about $1.015 billion in domestic debt under its 2024 budget plan.

The Malian government is set to raise nearly CFA200 billion ($331.3 million) by the end of 2024 to reduce domestic debt. This was announced by Alousséni Sanou, Mali’s Minister of Economy and Finance, during a meeting with business leaders on October 18. The session was broadcast on the public TV channel ORTM.

Sanou described the financial effort as an “exceptional” move aimed at rebuilding trust between the state and local businesses, many of which have faced significant payment delays from the government. However, he did not specify how the government plans to raise the funds.

According to official data, Mali's domestic debt stood at CFA2,965.9 billion (about $5 billion) in 2023, making up over 55% of the country’s total public debt.

Moussa Diallo, Mali’s Minister of Industry and Commerce, emphasized the broader impact of reducing the debt. “By paying CFA200 billion of the domestic debt, we’re looking to restore the cash flow of businesses, help them meet their obligations to banks, and support domestic consumption. Overall, this initiative should help kick-start the economy,” he said during the meeting.

The government’s goal is to restore confidence among local businesses, boosting economic growth and encouraging the private sector to play a bigger role in Mali’s economic recovery.