Mali's government collected 2,836.7bn FCFA (€4.32bn) in revenue in 2025, 3.5% more than forecast in its revised budget, according to the 2025 budget settlement bill the cabinet adopted on October 23, APA reported. Spending reached 3,091.3bn FCFA (€4.71bn), or 94.3% of the 3,279.9bn FCFA (€5.00bn) appropriated, APA said.
Analysis: Revenue was 97bn FCFA (€148mn) above the revised 2025 target, while 188.6bn FCFA (€288mn) of authorized spending went unused. Revenue less expenditure yielded a 254.5bn FCFA (€388mn) balance before financing operations, compared with a planned 540.2bn FCFA (€824mn) deficit, according to APA's calculation. The revised 2026 budget approved by the transitional legislature on October 22 assumes revenue will rise 18.9% from the 2025 outcome, putting pressure on collections. Lower-than-planned spending can also affect state suppliers awaiting payment. No vote date has been announced for the 2025 budget settlement bill.
Source: APA News, APA, 'Mali : les recettes publiques dépassent les objectifs en 2025' (APA - Bamako, October 23, 2026), reporting the cabinet's adoption on October 23 of the draft 2025 budget settlement law (projet de loi de règlement 2025); the cabinet communiqué itself was not opened, 2025; APA News, APA, 'Mali : le budget 2026 porté à près de 4 000 milliards FCFA' (APA - Bamako, October 22, 2026), reporting the CNT plenary vote of October 22 on the 2026 amended finance bill (loi de finances rectificative 2026), 2026
Mali's government projects gross borrowing needs of 1,858.5bn FCFA (€2.83bn) in 2027, rising to 2,467.2bn FCFA (€3.76bn) in 2029, or about 6,370bn FCFA (€9.7bn) over three years, according to the finance ministry's 2027–2029 medium-term debt strategy, as reported by APA on October 22. The regional securities market would cover 95.2% of the 2027 needs, the strategy says.
Analysis: The 2027 financing requirement is 7.4% below the estimated 2026 level of about 2,006bn FCFA (€3.06bn), partly because fewer short-term Treasury bills come due, APA reported. Domestic borrowing remains more costly than Mali's overall debt portfolio, with average rates of 5.7% and 3.7%, respectively. The Treasury paid 7.78% on three-year bonds on October 14. The strategy calls for more issuance beyond five years, meaning regional banks and other investors will need to absorb longer maturities. A 40bn FCFA (€61mn) auction scheduled for October 28 will provide another measure of demand.
Source: APA News, APA, 'Mali : près de 6 370 Mrds de FCFA d’emprunts prévus d’ici à 2029' (APA - Bamako, October 22, 2026), citing the finance ministry's Stratégie d'endettement public à moyen terme (SDMT) 2027-2029; the strategy document itself was not opened (finances.gouv.ml does not load), 2027 and 2028 and 2029 and 2026 and End-2026 and 2026 (strategy baseline); Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication ML ES 14.10.2026, 14 October 2026 auction; Agence UMOA-Titres, UMOA-Titres, Avis d'appel d'offres ML ES 28.10.2026, 28 October 2026 auction
Mali's 2026 national food response plan, budgeted at 12.7bn FCFA (€19.4mn), provides for free distribution of 19,960 metric tons of cereals and subsidized food kits for 19,200 households, APA reported on October 17. The plan targets 1,560,189 people classified in crisis or worse during the June–August lean season, according to data from the regional food-security assessment Cadre Harmonisé cited by the FAO, APA said.
Analysis: The number of people in crisis rose 2.6% from a year earlier even as cereal prices were 5.0% lower in September, INSTAT reported. FAO said in July that coarse grain prices had declined 10% to 30% after a good harvest but remained higher in areas such as Gao and Timbuktu where trade was disrupted. The figures suggest that food access varies by location, rather than showing a nationwide shortage. The plan's value is equivalent to about 8,140 FCFA (€12.4) per targeted person, by our calculation. The next Cadre Harmonisé assessment, generally published in November, should indicate needs for 2027.
Source: APA News, APA, 'Mali : l’insécurité alimentaire aiguë touche plus de 1,5 million de personnes' (APA - Bamako, October 17, 2026), citing Cadre Harmonisé data reported by the FAO and the government's 2026 national response plan, 2026 and June–August 2026 and June–August 2025; Institut National de la Statistique (INSTAT Mali), INSTAT Mali, IHPC note, September 2026 (base 2023), dated 10/10/2026, September 2026
Mali's government allocated 211.9 hectares at Gongasso, in the Sikasso region, to the Ministry of Energy and Water for a planned 100-megawatt-peak solar plant with 100 megawatt-hours of battery storage, APA reported on October 25. No investment amount, contractor, financing plan or construction timetable has been announced, APA said.
Analysis: The proposed Gongasso plant would have twice the capacity of the 50 MW Tiétiguila project near Koulikoro, for which announced financing exceeds 45bn FCFA (€68.6mn), APA reported. Battery storage could extend electricity supply beyond daylight hours and reduce reliance on imported fuel for thermal generation. The project comes as electricity sector value added fell 29.1% year-on-year in the second quarter, INSTAT said. Engineering and battery suppliers could eventually find business opportunities, but allocating land is only an initial step. The government has not named a project developer, funding source or construction budget.
Source: APA News, APA, 'Mali : 212 hectares pour une centrale solaire de 100 MWc' (APA - Bamako, October 25, 2026), reporting the government's allocation of the Gongasso site to the Ministry of Energy and Water; the allocation decision itself was not opened, Project (land allocated October 2026) and October 2026 and Project; INSTAT Mali, INSTAT Mali, PIB du deuxième trimestre 2026 – comptes nationaux trimestriels, optiques production et dépenses (cover dated September 2026, 17 pages), Q2 2026
Moov Africa Malitel, Maroc Telecom's Malian subsidiary, had 6.35mn mobile customers at the end of September 2026, down 15.7% from 7.52mn a year earlier, the Moroccan group said in its nine-month results published on October 23. Fixed-line customers rose 10.2% to 158,000 over the same period, the group said.
Analysis: The subscriber decline has continued for at least 18 months. The operator had 8.30mn customers in March 2025 and 7.16mn in March 2026, implying a further loss of about 818,000 since March, by our calculation. The decline contrasts with 21.9% annual growth in telecoms sector value added in the second quarter, according to INSTAT. Customers could be moving to competitors, or inactive accounts may have been removed, but the operator did not explain the reduction. Distributors and mobile-money agents tied to its network may be affected. Full-year results, generally released in February, could clarify whether losses continued.
Source: Maroc Telecom (Itissalat Al-Maghrib), Maroc Telecom, Résultats consolidés au 30 septembre 2026 (press release, Rabat, October 23, 2026; AMF/DILA open data), table Indicateurs opérationnels, Filiales Moov Africa, Mobile, Parc(8), row Mali; also APA, 23 Oct 2026, End-September 2026; Maroc Telecom (Itissalat Al-Maghrib), Maroc Telecom, Résultats consolidés au 30 septembre 2026 (press release, Rabat, October 23, 2026; AMF/DILA open data), End-September 2025; Maroc Telecom (Itissalat Al-Maghrib), Maroc Telecom, consolidated results for the first quarter of 2026 (press release, Rabat, April 24, 2026; AMF filing), End-March 2026 and End-March 2025; Maroc Telecom (Itissalat Al-Maghrib), APA, 'Maroc Telecom : un CA de 28,6 MMDH au 3e trimestre 2026' (APA - Rabat, October 23, 2026), reporting Maroc Telecom's nine-month 2026 results release of October 23, End-September 2026; INSTAT Mali, INSTAT Mali, PIB du deuxième trimestre 2026 – comptes nationaux trimestriels, optiques production et dépenses (cover dated September 2026, 17 pages), Q2 2026
Chart of the week
Mali's three-year Treasury bond yield at auction, %
Weighted average yield at each fortnightly auction, July 8 to October 14, 2026. Source: UMOA-Titres auction results; September 30 as reported by APA.. Source: Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 08/07/2026, July 8, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 22/07/2026, July 22, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 05/08/2026, August 5, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 19/08/2026, August 19, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 02/09/2026, September 2, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 16/09/2026, September 16, 2026 auction; APA News, UMOA-Titres auction results 30 Sept 2026 (as reported by APA, 1 Oct 2026), September 30, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication ML ES 14.10.2026, 14 October 2026 auction.
Tender of the week
IT equipment, mission vehicles and solar equipment for governance bodies (three lots)
Buyer
Governance structures support project (PASG), public finance reform unit CARFIP, Ministry of Economy and Finance
Scope
Supply of IT equipment, mission vehicles and solar equipment in three lots, with delivery within six months; international open tender, single envelope, under AfDB rules.
Value
Not published; bid security 9mn FCFA (€13,700)
Funding
African Development Fund grant No. 5900155016708 (AfDB Group)
Closes
Thursday, November 12, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Mali's gold industry after the 2023 mining code: output, permits and key mines
10 signals with workings, from public finance and debt markets, mining, energy, food security, telecoms and regulation
Five key figures (inflation, the three-year bond yield, Senegal's exports to Mali, Bamako building materials prices, weekly fuel deliveries) and the full open-tender list
Euro equivalents use the fixed parity of 655.957 FCFA per euro. Every figure comes from the official source named under it. Spotted an error? Write to info@alamareport.com; corrections run in the next issue.
