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Middle East and Central Asia > Mauritania, Islamic Republic of

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Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Staff Report for the 2024 Article IV Consultation, Third Review Under the Arrangements 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 Arrangement-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.
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.
Keywords:
government securities market; government action plan; cash transfer programs; government cashflow; article IV policy recommendation; Debt sustainability analysis; Global; Middle East; North Africa; East Africa
Cover High-Level Summary Technical Assistance Reports
Islamic Republic of Mauritania: Customs diagnostic and needs assessment mission
Robert Kokoli
,
Mourad Arfaoui
, and
Genc Celi
The Ministry of Finance has developed the Public Finance Reform Master Plan 2021-2025 (SD-RFP 2021-2025), which aims to set strategic orientations for reforms and operational guidelines for their implementation over a five-year period. The masterplan includes objectives for the General Directorate of Customs (GDC) reform, focusing on revising customs law, enhancing revenue collection, and combating fraud.
Keywords:
Customs function; Customs automation; Customs procedures; Strategic management; Enforcement; Customs diagnostic; Needs assessment mission; customs law; post-clearance audit; Trade liberalization; Trade agreements; Post-clearance customs audit
Cover High-Level Summary Technical Assistance Reports
Islamic Republic of Mauritania: Technical Assistance Project on Public Debt Projections: Scoping Mission Report
Marie Pierre Aquino Coste
,
Naomitsu Yashiro
, and
Oumar Dissou
This document outlines the initiation and early stages of a Technical Assistance project designed to enhance the capacity of Mauritania's National Committee on Public Debt (CNDP) in the areas of public debt projection and analysis. Following a request from Mauritanian authorities, IMF ICD staff engaged in comprehensive virtual discussions with the CNDP's Technical Committee in September 2023. A subsequent mission to Nouakchott in January 2024 evaluated the existing capacity and resources at the CNDP for public debt projection and debt sustainability analysis. The IMF team proposed adopting the IMF’s Public Debt Dynamics Tool (DDT), customized for Mauritania's specific economic conditions. This recommendation aims to assist the CNDP in generating reliable medium-term debt projections and analyzing risk scenarios. These scenarios include the impact of natural disasters and explore fiscal adjustment strategies via the non-extractive primary balance to achieve targeted debt levels.
Keywords:
Public debt; debt management; technical assistance; IMF; dynamics tool; IMF ICD staff; IMF team; debt projection; debt dynamics analysis; Debt sustainability analysis; Government debt management; Macroeconomic and fiscal forecasts
Cover Technical Assistance Reports
Islamic Republic of Mauritania: Technical Assistance Report-Technical Assistance Project on Public Debt Projections and Analysis: Scoping Mission
International Monetary Fund. Institute for Capacity Development
This document outlines the initiation and early stages of a Technical Assistance project designed to enhance the capacity of Mauritania's National Committee on Public Debt (CNDP) in the areas of public debt projection and analysis. Following a request from Mauritanian authorities, IMF ICD staff engaged in comprehensive virtual discussions with the CNDP's Technical Committee in September 2023. A subsequent mission to Nouakchott in January 2024 evaluated the existing capacity and resources at the CNDP for public debt projection and debt sustainability analysis. The IMF team proposed adopting the IMF’s Public Debt Dynamics Tool (DDT), customized for Mauritania's specific economic conditions. This recommendation aims to assist the CNDP in generating reliable medium-term debt projections and analyzing risk scenarios. These scenarios include the impact of natural disasters and explore fiscal adjustment strategies via the non-extractive primary balance to achieve targeted debt levels.
Keywords:
Technical Assistance; Public Debt; Debt Management; IMF; Islamic Republic of Mauritania.; public debt projection; dynamics tool; projection framework; IMF resident representative; IMF mission team; Debt sustainability analysis; Macro-fiscal framework; Government debt management; Global
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Second Reviews Under the Arrangements Under the Extended Credit Facility and the Extended Fund Facility, Requests for Modification of Performance Criteria and a Waiver of Nonobservance of Performance Criterion, and First Review Under the Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This paper highlights Islamic Republic of Mauritania’s Second Reviews under the Arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF), Requests for Modification of Performance Criteria and a Waiver of Nonobservance of Performance Criterion, and First Review under the Arrangement under the Resilience and Sustainability Facility (RSF). In 2024, economic growth is expected to improve, while inflation has slowed down significantly. However, the economic outlook remains uncertain. Continued implementation of the programs under the ECF and EFF arrangements, and of the ambitious reform measures to address climate-related vulnerabilities, supported by the RSF arrangement will help address Mauritania’s medium- and long-term challenges and catalyze additional financing from donors and the private sector. End-March 2024 indicative targets for net international reserves, net domestic assets (NDA), new arrears and the present value of newly contracted debt were also met. December 2023 and March 2024 structural benchmarks (SBs) were met. IMF supports the authorities’ request for a modification of the NDA performance criteria for end-June to end-December 2024 from changes to levels, and a modification of two SBs related to governance reforms, in line with IMF technical assistance recommendations.
Keywords:
RSF arrangement; EFF arrangement; RSF reform measure; D. RSF; programs under the ECF; excess reserves; Credit; Fiscal stance; Global
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: First Reviews Under the Arrangements under the Extended Credit Facility and the Extended Fund Facility, Requests for Modification of Performance Criteria and a Waiver of Nonobservance of Performance Criterion, and Request for an Arrangement Under the Resilience and Sustainability 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.
This paper highlights Islamic Republic of Mauritania’s First Reviews under the Arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF), Requests for Modification of Performance Criteria and a Waiver of Nonobservance of Performance Criterion, and Request for an Arrangement under the Resilience and Sustainability Facility (RSF). Mauritania’s economic reform program supported by the IMF ECF/EFF arrangements aims to preserve macroeconomic stability, strengthen the fiscal and monetary policy frameworks, consolidate the foundations for sustainable, inclusive growth, and reduce poverty. Economic performance in 2022 has been positive, with robust real gross domestic product growth, decreasing inflation, and a narrowing current account deficit. Still, challenges related to infrastructure, governance, vulnerability to economic shocks and limited economic diversification constrain Mauritania’s economic development. The RSF arrangement will help build resilience to climate change and strengthen the policy framework to maximize synergies with other official financing and catalyze private financing. The RSF arrangement will support Mauritania’s efforts to strengthen its resilience to climate shocks, enhance its capacity to protect the vulnerable against climate shocks, and expedite the transition toward cleaner energy sources.
Keywords:
RSF arrangement; intervention budget; Tekavoul program; economic reform; climate resilience; RSF request; climate agenda; Climate change; Currency markets; Global; Middle East; West Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This selected issue paper discusses the desirable institutional and macro-financial conditions and optimal path toward greater exchange rate flexibility in the Islamic Republic of Mauritania. It also identifies the macro-financial risks that arise and mitigation measures supporting a smooth transition and discusses reforms needed for a successful and smooth shift, including the need for an alternative nominal anchor and modern monetary policy framework, more developed financial markets, and resilient financial sector. Mauritania is a small economy exposed to terms-of-trade shocks. The current account deficit is volatile and sometimes sizeable. International reserves remained adequate until 2021 but are expected to fall around the adequacy threshold due to the negative external shock. A more flexible exchange rate would reduce the economy’s vulnerability to external shocks and preserve international reserves. Countries that are heavily reliant on a single commodity or a group of commodities need more exchange rate flexibility to respond to changes in world commodity prices and to mitigate their spillovers into other sectors.
Keywords:
E. climate adaptation financing; Mauritania's climate policy commitment; Policy recommendation; climate change readiness; climate change in Mauritania; staff team of the International Monetary Fund; Exchange rate flexibility; Climate change; Natural disasters; Exchange rates; Currency markets; Global; Middle East and Central Asia; Maghreb; North Africa
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.
This paper discusses Islamic Republic of Mauritania’s 2022 Article IV Consultation and Requests for 42-Month Arrangements under the Extended Credit Facility and the Extended Fund Facility. The Mauritanian authorities’ IMF-supported reform program presents a comprehensive policy package to preserve macroeconomic stability, strengthen the fiscal and monetary policy frameworks, and improve governance, to consolidate the foundations for sustainable, inclusive growth, and reduce poverty. Mauritania’s economic growth has accelerated in 2022, driven primarily by the extractive sectors, while Inflation should stabilize at approximately 11 percent reflecting the central bank tight monetary policy. Mauritania has present and prospective balance of payments (BoP) needs while a confluence of shocks including the war in Ukraine and regional tensions have narrowed the space for policy intervention. The BoP needs could widen considering significant risks to the baseline including a protracted war in Ukraine, tensions in the Sahel region, climate shocks, increasing volatility in international commodity markets, and delays in the start of the Grand Tortue/Ahmeyim offshore gas project.
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 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 IMF Staff Country Reports
Islamic Republic of Mauritania: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
Selected Issues
Keywords:
E. climate adaptation financing; Mauritania's climate policy commitment; Policy recommendation; climate change readiness; climate change in Mauritania; staff team of the International Monetary Fund; Exchange rate flexibility; Climate change; Natural disasters; Exchange rates; Currency markets; Global; Middle East and Central Asia; Maghreb; North Africa