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Middle East and Central Asia > Mauritania, Islamic Republic of

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Cover High-Level Summary Technical Assistance Reports
Islamic Republic of Mauritania: Climate Mitigation Policy Diagnostic
Diego Mesa Puyo
,
Zhiyong An
,
Thomas Benninger
, and
Nate Vernon
Mauritania requested capacity development from the Fiscal Affairs Department on carbon taxation, fossil fuel pricing and fiscal aspects of hydrogen development. This is a high-level summary of the technical assistant and the recommendations provided to the authorities. The report assesses options to gradually introduce a carbon tax to bring the country in line with its Nationally Determined Contribution for 2030 and net-zero pledge for 2050, including targeted support for vulnerable households. It then reviews approach to price fossil fuel products and proposes a revised methodology better aligned with international petroleum markets, along with a fiscally neutral smoothing mechanism to mitigate the impact of abrupt price changes on Mauritanian consumers. Finally, the report evaluates fiscal aspects related to the development of the low and zero-emissions hydrogen to ensure the country continues to position itself as an attractive investment destination without foregoing future revenue streams.
Keywords:
Carbon Pricing; Carbon Taxes; Fiscal Policy; Climate Mitigation; climate mitigation policy diagnostic; high-level summary; tax volatility; hydrogen development; price setting; Carbon tax; Fuel prices; Climate policy; Non-renewable resources
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Second Review Under the Extended Credit Facility Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Islamic Republic of Mauritania
International Monetary Fund. Middle East and Central Asia Dept.
Program implementation has been satisfactory. Macroeconomic stability has been maintained, external debt has been stabilized, and several reforms have been launched to modernize economic institutions and the policy framework. Growth is expected to accelerate this year to 3½ percent, supported by FDI and public investment. While the outlook is positive owing to sustained growth in non-extractive sectors, the international environment is less favorable than during the first review. Higher oil import prices and lower commodity export prices weigh on the external and fiscal positions; the economy remains dependent on commodity exports; and debt vulnerabilities and poverty remain high. Downside risks related to global economic developments and regional security are elevated. On the upside, development of the offshore gas field could generate large revenues from 2022 despite short-term costs.
Keywords:
Policy implementation; executive board discussion; commodity export price; gas windfall revenue; expenditure prioritization; GTA project; Operational risk; Oil prices; Debt sustainability analysis; Global
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 Policy Papers
Global Risks, Vulnerabilities, and Policy Challenges Facing Low-Income Countries
International Monetary Fund
The rapid recovery in many low-income countries (LICs) following the global crisis has been sustained in 2012. Softening commodity prices have led to moderating inflation pressures in most LICs. However, progress in rebuilding policy buffers has halted over the past two years, despite continued strong growth in LICs.
Keywords:
PP; Resource-Rich LICs; price; price shock; growth recovery; shock scenario; near-term risk; IMF staff estimate; dollarized LICs; oil price shock; commodity-exporting LICs; near-term vulnerability; food price scenario; LICs in Asia; 'near term risk; food price; Commodity price shocks; Fiscal space; Inflation; Food prices; Commodity prices; Global; Middle East; Asia and Pacific; Eastern Europe; Caribbean
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Second Review Under the Three-Year Extended Credit Facility Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Mauritania.
International Monetary Fund
In this study, despite recovery in the aftermath of the global crisis, the following challenges faced by Mauritania are discussed: vulnerability to external shocks, an insufficiently diversified economy, weak business climate, lack of fiscal space, and high unemployment and poverty rates. The poverty reduction strategy paper (PRSP) provides a good framework. Monetary, exchange rate, and financial sector policies are explained. Debt management and the improvement of the quality of public services by fiscal reforms and private sector by the implementation of the investment code are discussed.
Keywords:
ISCR; CR; GDP; debt; executive board discussion; Extended Credit Facility arrangement; finalized poverty-reduction strategy paper; IDA debt sustainability analysis update; debt-GDP threshold; Credit; Fiscal stance; Commodity prices; Global
Cover IMF Staff Country Reports
Mauritania: First Review under the Three-Year Arrangement Under the Extended Credit Facility-Staff Report and Press Release
International Monetary Fund
Program implementation is satisfactory and economic activity is recovering in Mauritania. The budget preserves fiscal discipline and protects infrastructures and social spending. Greater flexibility in the exchange rate and an enhanced monetary policy framework will help build reserves. The structural program continues to focus on improving the business climate. The commitment for continued fiscal consolidation is commended by Executive Directors. This will help strengthen the country’s resilience to external shocks, improve the country’s prospects for mobilizing external support, sustain economic growth, create jobs, and reduce poverty.
Keywords:
ISCR; CR; consumer price inflation; Mauritania's economy; SDR; GDP; private sector investment; GDP deflator; oil GDP; Credit; Inflation; Global
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: 2009 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility: Staff Report; 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 Article IV Consultation reports that the economic growth of Mauritania is robust, which reflected prudent economic management, sustained donor support, and the beginning of oil production. Executive Directors observed that the return of constitutional order to Mauritania has established a basis for the resumption of the reform agenda and of financial support from the international community. They commended the authorities’ commitment to protect poverty-related spending. They also highlighted the need to expand and strengthen safety nets and social protection.
Keywords:
ISCR; CR; government; deficit; US$; procurement code; inflation outlook; GDP deflator; authorities' effort; financing needs; Inflation; Monetary statistics; Global; West Africa
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: Selected Issues and Statistical Appendix
International Monetary Fund
Statistical data and issues are discussed in this paper. Mauritania reached the completion point under the enhanced Initiative for Heavily Indebted Poor Countries. In July 2004, a new economic team took actions to tighten fiscal and monetary policies. The authorities intend to adopt sound principles for oil revenue management and tracking (various frameworks, such as the one proposed in the Extractive Industry Transparency Initiative, are under consideration). Executive Directors welcomed the authorities’ willingness to prepare for the transition to a more flexible exchange rate.
Keywords:
ISCR; CR; Mauritania; expenditure; price; poverty incidence; poverty-reducing effect; poverty perception; growth record; poverty increase; squared poverty gap; poverty indicator; Oil; gas and mining taxes; Oil prices; Sub-Saharan Africa; C. poverty perception; hydrocarbon sector; Statistical Appendix table; fish catch; I. managing oil wealth