The head of the International Monetary Fund in Mali disclosed on Thursday that agreement has been reached with the country which could restart its aid programme.

In May the IMF suspended its aid of nearly $70 million after it expressed concern over Mali’s purchase of a $40 million presidential jet and inflated spending on military supplies.

But the Bretton Woods institution said yesterday “We have reached an agreement to move forward,” Christian Josz. “We are in a position to recommend that the IMF board of directors conclude the first and second review programmes.”

“Mali is now committed towards transparency. It is up to the government to implement the recommendations of the various reports and identify perpetrators of the over-billing,” she added.

Josz also disclosed that an audit had revealed over-billing of 29 billion CFA francs ($56.55 million) in the military contract and other shortcomings in the awarding of the contract.

The IMF agreement with Mali will initiate new spending rules and also bring about an amendment of Mali’s 2014 budget to correct the over-billing.

Ravaged in 2012 by a coup, followed by a rebellion and an insurgency in the north, Mali has struggled with economic and infrastructural reconstruction since a return to relative stability thanks to France-led foreign military intervention. Last year the West African country secured more than $4 billion in donor pledges but progress in the country has been described as slow.

Last week Mali’s presidency announced that it has signed agreements worth $11 billion with China most of which will go to financing two cross-country railway projects intended to link the land-locked country to the coast.