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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: Selected Issues
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.
Keywords:
bank Private-Sector; Efficiency-Access and Depth Gap; banks' provision; intermediation proxy; credit to GDP; Financial sector development; Financial sector; Credit; Financial inclusion; North Africa
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
Nigeria: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper presents stylized facts about food insecurity in Nigeria, investigates its drivers in a cross-country setting, and assesses the role of policies. The paper describes regional aspects of Nigeria’s food insecurity and compares the impact of coronavirus disease 2019 and the war in Ukraine on food security in Nigeria and other countries. It also provides an overview of agricultural production and consumption in Nigeria. The paper investigates the drivers of food security using an empirical cross-country framework including demand, supply, and price factors, and offers thoughts on policies to improve agricultural yields and production. The important role of inputs is evident in the policy experience of comparator countries. Nigeria has achieved a substantial increase in agricultural production associated with its policies but some have been less successful. Import dependency for key staples has not fallen and the cost of these agricultural products remains driven by international prices. Further, central bank credit to the agricultural sector has not succeeded in increasing production beyond the stimulus of high rainfall and high food prices.
Keywords:
EIU FOOD INSECURITY index; World wheat price inflation; tax revenue mobilization; food supply; fuel subsidy reform; food price inflation; Mobile banking; Financial inclusion; Food security; Excises; Global; Sub-Saharan 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
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: 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: 2016 Article IV Consultation-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 the impact of the global economic slump on the Mauritanian economy, which faces a significant negative terms-of-trade shock that is more persistent than initially envisaged. The impact of the international shock is compounded by a narrow production base, structural weaknesses, and limited policy space related to elevated public debt and pressures on external buffers. The outlook sees a recovery in economic activity to 4.1 percent in 2016, but risks to the outlook are tilted to the downside. The present economic uncertainty has prompted Mauritania to call for an ambitious policy adjustment to diversify the economy and promote inclusive growth for a determined reform agenda.
Keywords:
ISCR; CR; debt; deficit; terms-of-trade shock; TA mission; commodity shock; PPG debt; GDP ratio; Currency markets; Bank supervision; Global; Sub-Saharan Africa; Middle East; North Africa; East Africa
Cover IMF Staff Country Reports
West African Economic and Monetary Union (WAEMU): Selected Issues
International Monetary Fund. African Dept.
This paper presents stylized facts on the quantitative and qualitative infrastructure gap in the West African Economic and Monetary Union (WAEMU), estimates the efficiency of public investment, and recommends how to improve it. The WAEMU countries face an important common challenge of creating sufficient fiscal space to finance ambitious growth, development, and poverty-reduction programs in individual countries. This paper also provides comparative evidence of the situation of WAEMU in several areas of financial development relative to groups of benchmark countries. The state of inclusion in the WAEMU along three dimensions—poverty, income inequality, and gender inequality—is also examined in this paper.
Keywords:
ISCR; CR; Waemu; investment efficiency; investment; WAEMU country; WAEMU member; extent income; WAEMU growth; Public investment spending; Public investment and public-private partnerships (PPP); Financial sector development; Gender inequality; Sub-Saharan Africa; 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