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Mali resumes debt servicing, plans to repay arrears

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Colonel Assimi Goita, chief of Malian navy junta, attends the Financial Neighborhood of West African States (ECOWAS) consultative assembly in Accra, Ghana September 15, 2020. REUTERS/ Francis Kokoroko

ABIDJAN, July 6 (Reuters) – Mali has began talks that can pave the way in which for the nation to honour all of its missed debt repayments by the top of July following the lifting of financial and monetary sanctions on the West African state, three banking sources stated on Wednesday.

The nation additionally paid a debt on Monday that was due that day after regional bloc ECOWAS lifted sanctions and the regional central financial institution is engaged on getting its missed debt servicing paid, the chief government of regional financial institution Ecobank stated.

Mali has didn’t pay greater than $300 million in bond coupons and capital since West African leaders lower the nation off from the regional monetary markets and regional central financial institution in January after a delay in holding elections following a 2020 navy coup. Learn full story

“If the arrears are settled, the Malian state will be capable of faucet the market once more to finance tasks,” stated one market supply with direct information of the discussions, requesting anonymity as a result of they weren’t authorised to talk to media.

Learn extra: West African leaders carry financial and monetary sanctions on Mali

Mali’s finance ministry didn’t reply to a request for remark. The federal government had beforehand stated that it was unable to honour its obligations due to the sanctions that blocked its entry to state accounts with the regional central financial institution. Learn full story

“Mali has sufficient cash to pay,” Ade Ayeyemi, chief government of Ecobank, which operates in Mali and holds the nation’s debt, stated in an interview on the sidelines of The Africa Debate convention in London.

“We knew that that is one thing that will get resolved. Now it’s resolved. We have been by no means involved… (about) the flexibility of the Mali authorities to pay.”

Leaders of the Financial Neighborhood of West African States (ECOWAS) on Sunday lifted financial and monetary sanctions imposed on Mali, after its navy rulers proposed a 24-month transition to democracy. Learn full story

($1 = 638.8300 CFA francs)

(Reporting by Loucoumane Coulibaly in Abidjan and Rachel Savage in London; Writing by Bate Felix; Modifying by Jane Merriman and Estelle Shirbon)

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