Fitch assigns ratings to Mali

Fitch Ratings said it has assigned the Republic of Mali long-term foreign currency and local B- ratings with a stable outlook.

Fitch said the ratings reflect the country's structural problems that are counterbalanced by the substantial advances made since 2000 in public finance management, civil governance and the business environment.

Progress on reforms and improving relations with multilateral lenders have enabled Mali to benefit from comprehensive debt reduction under the Highly Indebted Poor Country initiative, with public debt declining to an estimated 69% GDP at end-2003 from 90% of GDP in 2000.

Since 2000, Mali has accelerated the liberalization of its economy and initiated the privatization of most of the state-owned enterprises, including the banking system. Plans for the liberalization of the cotton industry are under discussion.

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