JOHANNESBURG - The International Monetary Fund (IMF) said on Tuesday it had reached a staff-level agreement with Mali for about $120 million in emergency financing, as the West African country is struggling with rising food insecurity.

Import costs for essential goods such as food and fertilizers in Mali have risen due to a regional funding squeeze and recent geopolitical shocks, the IMF said in a statement.

Upon approval by IMF Management and Executive Board, Mali would receive a disbursement that is expected to cover food provision costs, provide access to clean water, sanitation facilities and shelter for displaced people.

The Fund also said that the country's near-term outlook was uncertain due to severe electricity outages, security concerns, lower projected gold production and an election delay.

Mali's economy grew by 4.4% last year, the IMF said, adding that it expects real GDP growth to slow to 3.8% in 2024. REUTERS