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Middle East and Central Asia > Kuwait

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Cover IMF Staff Country Reports
Islamic Republic of Mauritania: 2022 Article IV Consultation and Request for 42-Month Arrangements under the Extended Credit Facility and the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Mauritania
International Monetary Fund. Middle East and Central Asia Dept.
Volatile commodity prices and a tightly managed exchange rate (ER) have led to boom and bust cycles with significant impacts on the public and financial sectors. While the previous Extended Credit Facility (ECF) arrangement (December 2017—March 2021) has helped maintain macroeconomic stability, the pandemic has delayed structural reform implementation and widened the gap to reach the Sustainable Development Goals (SDGs). In addition, surging international commodity prices since the start of Russia’s war in Ukraine have deteriorated the external and fiscal balances and led to inflationary pressures and food insecurity. In March 2021, the authorities requested a successor arrangement to support accelerated implementation of their national development strategy, help increase social and infrastructure spending, and improve governance and the business environment.
Keywords:
development effort; Medium-term policy priority; Mauritanian authorities; commodity price movement; IMF arrangement; AIV policy recommendation; Operational risk; Debt sustainability analysis; Currency markets; Global; Middle East and Central Asia; Middle East; North Africa; East Africa
Cover Policy Papers
Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries
International Monetary Fund. Middle East and Central Asia Dept.
GCC policymakers have managed to quickly mitigate the economic impact of the twin COVID-19 and oil price shock. Commodity prices have surged, and the outlook is more positive for GCC countries, with new challenges linked to Russia’s invasion of Ukraine and tighter global financial conditions expected to have a limited impact on GCC economies. While GCC countries have overall benefited from higher, albeit volatile hydrocarbon prices, numerous risks still cloud the outlook—notably a slowdown in the global economy. In this context, the reform momentum established during the low oil price years should be maintained—irrespective of the level of hydrocarbon prices.
Cover Policy Papers