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Reuters

Business

Bate Felix

Mali debt defaults due to sanctions exceed $93 million

Mali West Africa

FILE PHOTO: Supporters hold a poster of Mali's transition president, Colonel Assimi Goita, as they participate in a demonstration called by Mali transitional government after ECOWAS (Economic Community of West African States) sanctions in Bamako, Mali, January 14, 2022. REUTERS/Paul Lorgerie//File Photo

Mali has defaulted on more than 53.99 billion franc CFA ($93 million) in interest and principal payments since January due to regional sanctions, data from the West Africa monetary union's debt agency Umoa-Titres showed on Wednesday.

The defaults highlight Mali's worsening economic situation due to severe sanctions, which include border closure and financial restrictions, imposed on the country by the regional bloc over the delay of election by the country's military junta.

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