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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 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
Islamic Republic of Mauritania: 2008 Article IV Consultation and Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility-Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Islamic Republic of Mauritania
International Monetary Fund
This 2008 Article IV Consultation highlights that Mauritania’s macroeconomic performance over recent years was satisfactory, despite a steeper-than-expected decline in oil production reflecting persistent technical problems a and difficult external environment. The real non-oil GDP growth is estimated to have increased to 5.9 percent in 2007 driven by a rebound in agriculture and new mining projects. The current account deficit deteriorated, reflecting higher food prices and lower oil exports. Executive Directors have commended the authorities for Mauritania’s continued satisfactory performance under the Poverty Reduction and Growth Facility-supported program.
Keywords:
ISCR; CR; debt; authority; real GDP; NPV; price measure; concessional terms; debt burden threshold; sustainability framework; Real GDP growth; government policy; Oil; Food prices; Exchange rate flexibility; West Africa; amount equivalent to SDR; IMF arrangement; PRGF arrangement; food access crisis
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for a Waiver of Performance Criterion: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Islamic Republic of Mauritania
International Monetary Fund
The staff report for the Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility highlights the Islamic Republic of Mauritania’s economic and financial policies. The basic non-oil fiscal balance was significantly higher than projected, owing mainly to high fiscal revenues and delays in investment spending. Monetary policy remained prudent, contributing to a further decline in inflation. In view of its limited oil revenue prospects, Mauritania needs to continue mobilizing concessional support to finance its poverty reduction strategy.
Keywords:
ISCR; CR; authority; balance; PRGF loan; governance; BCM financing; governance measure; oil revenue management; financing gap; Oil; Fiscal stance; gas and mining taxes; Poverty reduction strategy; West Africa; Global
Cover IMF Survey
IMF Survey, Volume 36 Issue 12
International Monetary Fund. External Relations Dept.
Global market turmoil; Strauss-Kahn to head IMF; Global warming; Europe: Financial integration; Islamic finance; Emerging market vulnerability; Subprime turmoil: Lessons; Maghreb integration; Oil producers: Fiscal management; News briefs.
Keywords:
SV; market; IMF publication service; Rodrigo de Rato; Dominique Strauss-Kahn; finance minister; IMF survey; IMF's executive board; IMF Deputy managing director Murilo Portugal; Financial integration; Emerging and frontier financial markets; Oil; gas and mining taxes; Mortgages; Global; Europe; Asia and Pacific; Maghreb; Central and Eastern Europe
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Islamic Republic of Mauritania
International Monetary Fund
The staff report for the First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) for the Islamic Republic of Mauritania explains the macroeconomic outlook and fiscal policy. Despite a substantial oil revenue shortfall, the fiscal deficit target was met and significant reserves were maintained in the oil fund. The prudent monetary stance contributed to strengthening confidence in the ouguiya and reining in inflation. Mauritania needs to continue to mobilize concessional support to finance its poverty reduction strategy.
Keywords:
ISCR; CR; government; oil revenue management legislation; difficulty carrying out poverty reduction expenditure; governance; poverty-reduction goal; strengthening; executive board discussion; poverty-reducing spending objective; transition authorities; Oil; gas and mining taxes; Oil production; Poverty reduction
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Second Review Under the Staff Monitored Program and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility
International Monetary Fund
This paper discusses key findings of the Second Review Under the Staff Monitored Program (SMP) for Mauritania. Mauritania’s performance since the beginning of 2006 has been fully satisfactory. All quantitative targets and structural benchmarks under the SMP that covered the first six months of 2006 were observed. Sound macroeconomic policies reined in inflation and contributed to the elimination of the parallel foreign exchange market premium. The proposed Poverty Reduction and Growth Facility (PRGF)-supported program will consolidate the progress achieved during the SMP toward macroeconomic stabilization.
Keywords:
ISCR; CR; EU budget; budget ordinance; government; government revenue projection; staff appraisal; transition authorities; Oil; gas and mining taxes; Poverty reduction strategy; Poverty reduction; West Africa
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Poverty Reduction Strategy Paper: Joint Staff Advisory Note
International Monetary Fund
This Joint Staff Advisory Note provides World Bank and IMF staff analysis, and advices on key priorities to be strengthened during the implementation of the second Poverty Reduction Strategy Paper (PRSP-2) in Mauritania. The PRSP-2 conveys an ambitious poverty reduction strategy based on a set of sound macroeconomic, structural, and sectoral policies to be implemented by 2015. The achievement of the PRSP-2 objectives will be difficult and will require a better prioritization in the context of absorptive capacity constraints and increasing and highly volatile public resources.
Keywords:
ISCR; CR; PRSP-2; authority; PRSP call; poverty diagnosis; poverty incidence; oil revenue; poverty analysis; poverty assessment; government of the Islamic Republic of Mauritania; Poverty reduction strategy; Poverty reduction; Oil; gas and mining taxes; Global
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: 2006 Article IV Consultation—Staff Report; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Islamic Republic of Mauritania
International Monetary Fund
Mauritania achieved substantial progress owing to its macroeconomic policies, budget formulation, governance, and transparency under the economic program. Executive Directors commended the program and emphasized the need for tight fiscal and monetary policies. Directors noted the implementation of all remedial actions and agreed that Mauritania qualifies for debt relief under the Multilateral Debt Relief Initiative (MDRI). They also called on the authorities to strengthen the financial sector regulatory framework, and commended the comprehensive Anti-Money Laundering and Combating the Financing of Terrorism framework.
Keywords:
ISCR; CR; IMF Deputy managing director Agustín Carstens; end-June target; June; end-June projection; May; staff appraisal; MDRI qualification; Oil; gas and mining taxes; Debt relief; Middle East; North Africa; Global; East Africa; Maghreb
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Staff Monitored Program
International Monetary Fund
The Mauritanian transition authorities embarked on a path toward democracy, rule of law, and good governance. The transition authorities initiated a wide range of structural reforms based on the priorities that emerged from consultations with civil society and political parties, and emphasizing the need to improve transparency and governance. The discussions on fiscal and monetary policies and on structural reforms aimed at consolidating recent progress toward macroeconomic stabilization, good governance, and transparency. Mauritania will benefit from considerable technical assistance (TA) from the IMF.
Keywords:
ISCR; CR; government; BCM; net; expenditure; oil revenue; transition authorities; financing policy; foreign exchange; current account; exchange rate; Operational risk; Oil; gas and mining taxes; International reserves; Fiscal stance