Middle East and Central Asia > Mauritania, Islamic Republic of

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International Monetary Fund. Middle East and Central Asia Dept.
Le document explore le paysage du dĂ©veloppement financier en Mauritanie, mettant en Ă©vidence sa structure centrĂ©e sur les banques et le dĂ©veloppement limitĂ© du marchĂ© financier. MalgrĂ© un grand nombre de banques, l’intermĂ©diation financière reste faible, avec un faible crĂ©dit au secteur privĂ© par rapport au PIB, une inclusion financière limitĂ©e et des ratios de prĂªts non performants constamment Ă©levĂ©s. Les dĂ©fis structurels, notamment les problèmes de gouvernance, les pratiques de prĂªt connectĂ©es et l’insuffisance des infrastructures financières, exacerbent ces inefficacitĂ©s. Le document introduit la mesure Efficiency-Access and Depth Gap (EADG), rĂ©vĂ©lant un dĂ©sĂ©quilibre important entre la rentabilitĂ© et les efforts d’intermĂ©diation/inclusion financière parmi les banques mauritaniennes. Les recommandations politiques se concentrent sur la consolidation du secteur bancaire, l’amĂ©lioration des cadres rĂ©glementaires et la promotion de stratĂ©gies de banque mobile et d’inclusion financière pour relever ces dĂ©fis. Les rĂ©sultats soulignent la nĂ©cessitĂ© cruciale de rĂ©formes institutionnelles robustes et de bases de capital plus solides pour soutenir la croissance Ă©conomique et amĂ©liorer l’intermĂ©diation financière en Mauritanie.
International Monetary Fund. Middle East and Central Asia Dept.
Ce document sur les questions sĂ©lectionnĂ©es analyse les principales tendances du secteur financier existant du pays et constate que, mĂªme si le secteur bancaire mauritanien est très rentable, il ne parvient pas Ă  faciliter un accès et des services financiers plus larges, ce qui se traduit par une contribution limitĂ©e Ă  la croissance Ă©conomique et Ă  l'inclusion. Il identifie Ă©galement la prĂ©valence des banques familiales, le manque de confiance, la faible gouvernance et l’insuffisance des institutions comme les principaux facteurs conduisant Ă  ces rĂ©sultats au niveau macro et discute des politiques visant Ă  y remĂ©dier, Ă  amĂ©liorer le dĂ©veloppement du secteur financier et Ă  favoriser l’inclusion. Du point de vue du dĂ©veloppement du secteur financier, la Mauritanie bĂ©nĂ©ficierait d’un secteur bancaire consolidĂ© dotĂ© d’institutions plus fortes et plus rĂ©silientes. Un nombre moins important de banques universelles dotĂ©es de cadres de provisionnement solides sont mieux Ă©quipĂ©es pour gĂ©rer les risques de crĂ©dit, augmentant ainsi leur capacitĂ© Ă  prĂªter Ă  un plus large Ă©ventail d’acteurs du secteur privĂ©. Du point de vue institutionnel, les institutions d’infrastructure financière existantes doivent Ăªtre renforcĂ©es et de nouvelles doivent Ăªtre créées. Une supervision bancaire rigoureuse, accompagnĂ©e de systèmes d’information solides, peut efficacement surveiller et attĂ©nuer les pratiques de prĂªt connectĂ©es au sein de nombreuses banques familiales.
International Monetary Fund. Middle East and Central Asia Dept.
L’annĂ©e 2024 devrait Ăªtre marquĂ©e par un ralentissement de l’activitĂ© Ă©conomique de la Mauritanie, dont le taux de croissance est estimĂ© Ă  4,6 % (contre 6,5 % en 2023), en raison de rĂ©sultats poussifs de son secteur extractif. L’inflation est maĂ®trisĂ©e et le dĂ©ficit du compte des transactions courantes se rĂ©sorbe. Des risques considĂ©rables pèsent sur les perspectives Ă©conomiques, notamment une escalade des tensions gĂ©opolitiques dans la rĂ©gion et des chocs mĂ©tĂ©orologiques. De plus, le dĂ©veloppement Ă©conomique du pays est entravĂ© par des difficultĂ©s liĂ©es aux infrastructures, Ă  la gouvernance, Ă  la vulnĂ©rabilitĂ© aux chocs Ă©conomiques et Ă  une diversification Ă©conomique limitĂ©e.
International Monetary Fund. Middle East and Central Asia Dept.
International Monetary Fund. Middle East and Central Asia Dept.

IMF Country Report No. 24/362

International Monetary Fund. Middle East and Central Asia Dept.
International Monetary Fund. Middle East and Central Asia Dept.
The paper examines domestic revenue mobilization in Mauritania and proposes strategies to enhance tax revenue collection to address fiscal sustainability challenges and finance critical investment projects. Despite recent progress, Mauritania’s tax-to-GDP ratio remains below that of its peers, constrained by a complex legal framework, numerous derogatory tax regimes, and inefficiencies in revenue administration. The analysis indicates that Mauritania could increase tax revenues by up to 3.4% of GDP in the medium term, thus reducing its tax gap by one-third. Key policy recommendations include reducing VAT exemptions, replacing corporate tax exemptions with cost-based incentives, reforming the personal income tax system, broadening the consumption tax base, simplifying tax procedures, managing tax arrears more effectively, and strengthening tax compliance.
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Islamic Republic of Mauritania’s 2024 Article IV Consultation, Third Review under the Arrangement’s under the Extended Credit Facility and Extended Fund Facility, Request for Modification of Quantitative Performance Criteria, and Second Review under the Resilience and Sustainability Facility (RSF) Arrangement. The Mauritanian economy has remained resilient, with economic growth projected to slow to 4.6 percent in 2024. Growth is expected to remain favorable in the medium term. Enhancing revenue mobilization, strengthening banking supervision, and sustaining the implementation of the national governance action plan would support private sector-led inclusive growth. Program performance has been strong. Mauritania’s reform drive and sound macroeconomic management have helped strengthen debt sustainability and resilience to shocks, while creating policy space for pressing infrastructure and social spending. Continued implementation of the ambitious climate change adaptation and mitigation reform measures, supported by the RSF, will help address Mauritania’s medium- and long-term term challenges and catalyze additional financing.
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper analyzes key trends in the country’s existing financial sector and finds that while the Mauritanian banking sector is highly profitable, it fails to facilitate broader financial services and access, resulting in limited contribution to economic growth and inclusion. It also identifies the prevalence of family-owned banks, lack of trust, weak governance, and insufficient institutions as the major factors leading to these macro-level outcomes and discusses policies to address them and enhance financial sector development and boost inclusion. From a financial sector development perspective, Mauritania would be better off with a consolidated banking sector with stronger, more resilient institutions. Fewer universal banks with robust provisioning frameworks are better equipped to manage credit risks, thereby increasing their capacity to lend to a broader range of private-sector actors. From the institutional perspective, existing financial infrastructure institutions need to be strengthened and new ones need to be established. Forceful banking supervision with strong information systems can effectively monitor and mitigate connected lending practices among many family-owned banks.
International Monetary Fund. Middle East and Central Asia Dept.

The paper examines domestic revenue mobilization in Mauritania and proposes strategies to enhance tax revenue collection to address fiscal sustainability challenges and finance critical investment projects. Despite recent progress, Mauritania’s tax-to-GDP ratio remains below that of its peers, constrained by a complex legal framework, numerous derogatory tax regimes, and inefficiencies in revenue administration. The analysis indicates that Mauritania could increase tax revenues by up to 3.4% of GDP in the medium term, thus reducing its tax gap by one-third. Key policy recommendations include reducing VAT exemptions, replacing corporate tax exemptions with cost-based incentives, reforming the personal income tax system, broadening the consumption tax base, simplifying tax procedures, managing tax arrears more effectively, and strengthening tax compliance.