Mali debt defaults due to sanctions reach $180 million

Mali has failed to pay 46.32 billion CFA francs ($78.5 million) in principal and interest on a treasury bond, the West African debt agency Umoa-Titres said on Tuesday, pushing its debt defaults due to sanctions following two coups to $180 million. West Africa's main political bloc, the Economic Community of West African States (ECOWAS) and the UEMOA monetary union ordered the sanctions after Mali's military rulers pushed back the timeline for elections.

Mali has failed to pay 46.32 billion CFA francs ($78.5 million) in principal and interest on a treasury bond, the West African debt agency Umoa-Titres said on Tuesday, pushing its debt defaults due to sanctions following two coups to $180 million.

West Africa's main political bloc, the Economic Community of West African States (ECOWAS), and the UEMOA monetary union ordered the sanctions after Mali's military rulers pushed back the timeline for elections. The missed payments, which were due on Monday, bring the total payments that Mali has defaulted on because of sanctions since January to about $180 million.

The sanctions include border closures and restrictions on financial transactions. Malian authorities have called the measures inhumane, and filed a lawsuit against UEMOA to try to get them lifted. Mali has more than a dozen treasury bills and bonds maturing this year, one of them on March 9. ($1 = 589.8700 CFA francs)

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