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audit functions, and preparation o f a medium-termexpenditure framework (MTEF) globally and at key sector levels (initially inthe social sectors and subsequentlyinrural development).

The Bank and Fundhave collaborated inreviewing Mali’s public expenditure management (PEM) performance, through the sharing o f SACIII mission documents and those o f the Fund’s Fiscal Affairs Department (FAD) which, together, yielded a comprehensive action plan for PEM reforms (ROSC AAP). The FundFAD team has, consistent with the program under the SACIII, provided technical assistance on specific areas, notably on the classification o f poverty and HIPC expenditures. In2002, the Bank undertook a Country Financial Accountability Assessment (CFAA) that highlights key policy measures relating to strengtheningfinancial management inreadiness for the potential shift to programmatic lending. The C F A A recommendations have been incorporated inthe forthcoming CAS and progress in implementingthem will be monitored closely.

Privatization Program

M a l i has been engaged infar-reaching reforms inthe private sector, which have been supported through a telecommunications support program, a railway support program, a financial sector development project, the SACIII (on the cotton sector), and the Private Sector Assistance Project that closed inmid 2002. The program’s objectives are: (ithe reduction o f state ownership o f the banking sector to less than 20 percent; (iithe divestment

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    f the state from ten non-bank enterprises (either through the sale o f shares, liquidation, or

the establishment o f concession contracts)*; and (iiithe continuation o f private sector development initiatives, through enhancing competition and improving the business environment inkey sectors o f the economy. A key issue o f mutual interest to the Bank and the Fundi s the associated retrenchment program (particularly for the railway and the cotton sector), its potential impact on the government budget and its precedent setting implications for future privatizations, notably o f the telecom company. The Bank i s taking the lead in evaluating the retrenchment plans inthe course o f supervision o f the various sector reform programs.

Eighteen non-bank enterprises were to remain in the government portfolio-those with majoritygovernment holding- CMDT (cotton fiber), ON (agricultural development), RCFM(railways), OPAM (food management), ONP (post office), PPM (pharmaceuticalsproducts market), PMU-Mali (horse racing), ADM (airport management), COMANAV (river transport), CESPA (film production); and those with minority government holding- EDM (electricityand water), SOTELMA (telecom), COMATEX-SA,(textiles) ITEMA (textiles), SOMISY-SA (mining), SEMOS-SA (mining), ACI-SA (real estate), and SUKALA (sugar and alcohol).

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