/ 13 September 2000

MALI WELCOMES DEBT RELIEF

MALI has cut its growth forecast for 2000 because of low export prices but it said debt relief under the Heavily Indebted Poor Countries (HIPC) initiative should allow it to withstand future external shocks better. Figures published by the finance ministry cut the forecast for gross domestic product (GDP) growth this year in 2000 to 4.8% from around 5.0%. Finance Minister Bacari Kone said the HIPC debt relief approved by donors last week would free $523m over the next 30 years that the government would devote to programmes to reduce poverty. Growth this year has been hurt by depressed world prices for the country’s main exports, cotton and gold, plus high oil prices. – Reuters