section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  The Central Bank of West African States handles the financial affairs of Mali and additional members of the Economic Community of West African States. Mali is considered one of the poorest countries in the world. The average worker's annual salary is approximately US$1,500.
  
  Mali underwent economic reform, beginning in 1988 by signing agreements with the World Bank and the International Monetary Fund. During 1988 to 1996, Mali's government largely reformed public enterprises. Since the agreement, sixteen enterprises were privatized, 12 partially privatized, and 20 liquidated. In 2005, the Malian government conceded a railroad company to the Savage Corporation. Two major companies, Societé de Telecommunications du Mali (SOTELMA) and the Cotton Ginning Company (CMDT), were expected to be privatized in 2008.
  
  Between 1992 and 1995, Mali implemented an economic adjustment programme that resulted in economic growth and a reduction in financial imbalances. The programme increased social and economic conditions, and led to Mali joining the World Trade Organization on 31 May 1995.
  
  Mali is also a member of the Organization for the Harmonization of Business Law in Africa (OHADA). The gross domestic product (GDP) has risen since. In 2002, the GDP amounted to US$3.4 billion, and increased to US$5.8 billion in 2005, which amounts to an approximately 17.6% annual growth rate.
  
  Mali is a part of the "Franc Zone" (Zone Franc), which means that it uses the CFA franc. Mali is connected with the French government by agreement since 1962 (creation of BCEAO). Today all seven countries of BCEAO (including Mali) are connected to French Central Bank.
  
  Before the August 2020 coup, U.S. foreign assistance to Mali exceeded $135 million in FY 2020, aiming to bolster fragile peace, democratic governance and regional security, while addressing social and economic vulnerabilities. Post-coup, assistance is restricted under U.S. law, but ongoing programs focus on stability, public trust in government, community resilience and socio-economic prosperity.
  
  Mali was ranked 136th out of 139 in the Global Innovation Index in 2024.