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Fitch affirms Mali
Fitch Ratings said it affirmed the Republic of Mali's long-term foreign currency issuer default rating B- with stable outlook and short-term foreign currency issuer default rating at B.
The long-term local currency issuer default rating remains at B with stable outlook, the agency added, noting that the affirmation reflects the extreme poverty of the country and the structural imbalance of its public and external accounts.
With GDP per head of $501, Mali is one of the poorest and least-developed countries in the world, with one of the world's lowest literacy rates, Fitch said, adding that the structural weaknesses of the Malian economy lie in its concentration on low-value-added activities, lack of diversification and vulnerability to exogenous shocks, especially climatic and commodity price shocks.
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