The International Monetary Fund on Tuesday approved a new $46.3 million loan program for Mali and approved an immediate disbursement of $9.3 million. "The loan arrangement was made under the Extended Credit Facility (ECF) in support of the country's strategy to increase growth and reduce poverty," the IMF said in a statement. The economic outlook for Mali is favorable, but subject to downside risks because the country's agricultural sector remains highly vulnerable to adverse weather conditions, the IMF said. Mali, a largely desert country, is Africa's third-largest gold miner. The country economy was hard hit by conflicts in Ivory Coast and Libya this year.
