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Middle East and Central Asia > Mauritania, Islamic Republic of

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Cover IMF Staff Country Reports
Mali: Technical Assistance Report-Mining Taxation: Modeling of Five Mining Operations
International Monetary Fund. Fiscal Affairs Dept.
This paper discusses Malian mining taxation. Mali’s industrial mining sector is predominantly gold mining, with six industrial mines currently active. Most of the mines are old, but some have substantial reserves; extensions are planned for the Syama, Morila, Kalama, Tabakoto-Segela, and Loulo-Gounkoto mines. The Fiscal Analysis for Resource Industries model was completed for five new projects with recent feasibility studies. The government revenue contributed by the five new projects is on the order of US$1.7 billion (constant dollars) over the next 10 years. The application of the 1999 or 2012 Mining Code increases the government’s share of income in comparison with the 1991 code.
Keywords:
ISCR; CR; government; Malian government; tax data; internal rate of return; term; mining Code; production forecast; information from the Ministry of Finance; gold production; tax information; ad valorem tax; area taxation; Mining sector; Corporate income tax; Average effective tax rate; Gold
Cover IMF Working Papers
Non-FDI Capital Inflows in Low-Income Developing Countries: Catching the Wave?
Mr. Antonio David
,
Carlos van Hombeeck
, and
Mr. Chris Papageorgiou
Low-income countries (LIDCs) are typically characterized by intermittent and very modest access to private external funding sources. Motivated by recent developments in private flows to LIDCs this paper makes two contributions: First, it constructs a new comprehensive dataset on gross private capital flows with special focus on non-FDI flows in LIDCs. Concentrating on LIDCs and more specifically on gross non-FDI private flows is intentionally aimed at closing a gap in existing datasets where country coverage of developing economies is limited mainly to emerging markets (EMs). Second, using the new data, it identifies several shifting patterns of gross non-FDI private inflows to LIDCs. A surprising fact emerges: since the mid 2000's periods of surges in gross non-FDI private inflows in LIDCs are broadly comparable to those of EMs. Moreover, while gross non-FDI inflows to LIDCs are on average much lower than those to EMs, we show that the LIDC top quartile gross non-FDI inflow is comparable to the EM median inflow and converging to the EM top quartile inflow.
Keywords:
WP; LIDCs + EMs; low-income developing countries; Gross Capital Flows; Surges; Low-Income Countries; Market Access; FDI inflow; inflows trend; LIDC database; FDI flow; benchmark LIDC sample; private inflow; inflows to LIDCs; WEO data; Capital inflows; Capital flows; Balance of payments statistics; Foreign direct investment; Global financial crisis of 2008-2009; Global
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. Middle East and Central Asia Dept.
KEY ISSUES Context. Mauritania’s economy has benefited from macroeconomic stability and high growth in the context of contained inflation, responsible macro-policies, high iron ore prices and scaled-up public investment. However, economic growth has not translated into broadly improved living standards and is being hit by a sharp decline in iron ore prices. Outlook and Risks. Although the outlook remains favorable, it hinges heavily on stabilizing iron ore prices and expanding mining capacity. Downside risks to the outlook dominate because iron ore prices may decline further in response to excess supply in the global market. Key Policy Recommendations. With high risk of debt distress and deteriorating terms of trade, Mauritania’s fiscal policy needs to remain focused on consolidation to support fiscal sustainability. Over the medium term, a fiscal framework with a full-fledged fiscal rule will help prevent the boom–bust cycles that ensue from volatility in natural resource revenue, and with strengthened governance in managing mining wealth. The central bank should take advantage of the low-inflation environment to strengthen monetary policy formulation, gradually liberalize the foreign exchange market, and introduce liquidity support and banking resolution frameworks. The implementation of the recent FSAP recommendations should be pursued to enhance the stability of the financial sector stability. Economic diversification and inclusive growth are the foremost medium-term challenges. The authorities should accelerate structural reforms needed to raise Mauritania’s potential growth, create jobs, and improve living standards for all Mauritanians. Article VIII. A comprehensive analysis of the foreign exchange market identified exchange restrictions and multiple currency practices (MCPs) subject to Fund approval under Article VIII. Effective November 20, 2013, the exchange rate regime is classified as “stabilized” arrangement.
Keywords:
ISCR; CR; debt; private sector; economy; risk; TA mission; banking vulnerability; iron ore price; Policy adjustment; foreign exchange risk exposure; mining export revenue; Mining sector; Bank supervision; Global; Middle East; North Africa; East Africa
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Selected Issues Paper
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper analyzes various aspects of fiscal framework in the Republic of Mauritania. Mauritania needs to avoid pro-cyclical fiscal policies and adopt rules that guide medium-term fiscal sustainability. Fiscal policy has been responsible and focused on fiscal consolidation, but important challenges lie ahead linked to price volatility, exhaustibility of resources, and effective use of resources. Mauritania has important natural resource wealth, and its fiscal policy is shaped by considerations resulting from its reliance on resource revenues. Prospects for price shocks in the short term and significant mining expansion in the long term could pose significant challenges to fiscal policy management. The analysis of fiscal framework options reveals that a fiscal rule which targets a nonresource primary balance for long-term sustainability, designed to allow some frontloading of public spending on productive investment, would be appropriate for Mauritania under the assumption of a finite resource horizon. A fiscal rule targeting a structural resource balance would be appropriate in the scenario of long-lasting resources, possible under the assumption of favorable developments in the global commodity markets.
Keywords:
ISCR; CR; investment; Mauritania; price; resource; investment path; banking sector reform; resource revenue; export diversification; investment plan; labor force; Public investment spending; Productivity; Fiscal governance; Global; North Africa
Cover IMF Staff Country Reports
République islamique de Mauritanie consultations de 2014 au titre de l’article IV –– rapport des services du FMI; communiqué de presse et déclaration de l’administrateur pour la République islamique de Mauritanie
International Monetary Fund. Middle East and Central Asia Dept.
THÈMES PRINCIPAUX Contexte. L’économie mauritanienne a tiré parti de la stabilité macroéconomique et de la forte croissance dans un contexte caractérisé par la maîtrise de d’inflation, des politiques macroéconomiques responsables, les prix élevés du minerai de fer et la hausse des investissements publics. Pour autant, la croissance économique ne s’est pas traduite par une amélioration générale du niveau de vie et souffre actuellement de la baisse marquée des prix du minerai de fer. Perspectives et risques. Bien que les perspectives restent favorables, elles sont largement tributaires de la stabilisation des prix du minerai de fer et de l’accroissement de la capacité minière. Les risques baissiers qui pèsent sur les perspectives sont dominants, les prix du minerai de fer pouvant davantage baisser en raison de l’offre excédentaire sur le marché mondial. Principales recommandations. Eu égard au risque élevé de surendettement et à la détérioration des termes de l’échange, la politique budgétaire de la Mauritanie devrait rester axée sur le rééquilibrage afin d’assurer la viabilité budgétaire. À moyen terme, un cadre budgétaire, assorti d’une règle budgétaire à part entière, contribuera à prévenir les cycles d’expansion et de récession imputables à la volatilité des recettes des ressources naturelles; ce cadre devrait également prévoir une gouvernance renforcée de la gestion de la richesse minière. La banque centrale devrait tirer parti de la faiblesse de l’inflation pour renforcer la formulation de la politique monétaire, libéraliser progressivement le marché des changes et introduire des cadres de gestion de la liquidité et de résolution bancaire. La mise en œuvre des recommandations du récent PESF devrait se poursuivre pour consolider la stabilité du secteur financier. La diversification économique et la croissance inclusive sont les principaux défis à moyen terme. Les autorités devraient accélérer les réformes structurelles requises pour doper la croissance potentielle de la Mauritanie, créer des emplois et améliorer le niveau de vie de tous les Mauritaniens. Article VIII. Une analyse exhaustive du marché des changes a relevé qu’il existait des restrictions de change et des pratiques de change multiples (PCM) soumises à l’approbation du FMI en vertu de l’article VIII. Depuis le 20 novembre 2013, le régime de change est classé dans la catégorie des dispositifs «stabilisés».
Keywords:
ISCR; CR; debt; private sector; economy; risk
Cover Departmental Papers
Subsidy Reform in the Middle East and North Africa: Recent Progress and Challenges Ahead
Mr. Carlo A Sdralevich
,
Miss Randa Sab
,
Mr. Younes Zouhar
, and
Ms. Giorgia Albertin
In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.
Keywords:
DPPP; DP; subsidy reform; exchange rate; fuel price; price increase; price subsidy; energy subsidy; food subsidy; fuel subsidy; Energy subsidies; Fuel prices; Inflation; Oil prices; Social assistance spending; Middle East; North Africa; East Africa; Middle East and Central Asia; Global; oil importer; oil exporter; reform outcome; reforms in the Middle East; Oil
Cover IMF Staff Country Reports
République islamique de Mauritanie : Sixième revue de l’accord triennal au titre de la facilité élargie de crédit et demande de dérogation pour non-observation d’un critère de réalisation — Rapport des services du FMI ; communiqué de presse sur les délibérations du conseil d'administration ; et déclaration de l'administrateur pour la République islamique de Mauritanie
International Monetary Fund. Middle East and Central Asia Dept.
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.
Keywords:
ISCR; CR; executive board discussion; government; deficit; GDP; FDI
Cover IMF Staff Country Reports
République islamique de Mauritanie : document de stratégie de réduction de la pauvreté
International Monetary Fund. Middle East and Central Asia Dept.
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.
Keywords:
ISCR; CR; civil society; human resources; private sector; job creation; economic value
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Sixth Review Under the Three Year Extended Credit Facility Arrangement and Request of Nonobservance of Performance Criterion—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Islamic Republic of Mauritania
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses the Islamic Republic of Mauritania’s Sixth Review under the Three-Year Extended Credit Facility Arrangement and Request of Nonobservance of Performance Criterion. Mauritania’s current account deficit has been significantly widened due to higher infrastructure and mining-related imports. Planned projects are concentrated in agriculture, energy, and infrastructure—all three sectors with large investment needs and in line with Poverty Reduction Strategy Paper priorities. Nonrenewable resources are playing an important role in the economy, but the fiscal policy formulation does not incorporate the challenges associated with resource revenue exhaustibility and volatility and, therefore, does not prevent pro-cyclical fiscal policy.
Keywords:
ISCR; CR; executive board discussion; government; deficit; GDP; FDI; monetary policy effectiveness; fiscal policy formulation; challenges Mauritania; year-end inflation; Mining sector; Credit; Imports; Global; Sub-Saharan Africa; Europe
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Poverty Reduction Strategy Paper
International Monetary Fund. Middle East and Central Asia Dept.
This paper examines the Islamic Republic of Mauritania’s adoption of its third Poverty Reduction Strategy Paper (PRSP) action plan, covering the medium term (2011–2015). Poverty reduction as the ultimate objective of all of the country’s economic social and institutional development policies has informed the context in which the third action plan is being implemented. The safe drinking water supply rate reached 52 percent nationally. In urban areas, the rate of access to private water main connections was 35 percent although it varied significantly from town to town. During the first year of implementation of the PRSP III, significant progress was made with actions targeting good governance and capacity-building in all areas of governance.
Keywords:
ISCR; CR; civil society; human resources; private sector; job creation; economic value; public works; justice system; Food security; Poverty reduction strategy; Global