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.