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Middle East and Central Asia > Mauritania, Islamic Republic of

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Cover IMF Staff Country Reports
République islamique de Mauritanie: rapport des services du FMI pour les consultations de 2024 au titre de l’article IV, troisièmes revues des accords au titre de la facilité élargie de crédit et du mécanisme élargi de crédit, demande de modification de critères de réalisation quantitatifs et deuxième revue de l’accord au titre de la facilité pour la résilience et la durabilité-communiqué de presse;rapport des services du FMI; déclaration de l’administrateur pour la République islamique de Mauritanie
International Monetary Fund. Middle East and Central Asia Dept.
L’année 2024 devrait être marquée par un ralentissement de l’activité économique de la Mauritanie, dont le taux de croissance est estimé à 4,6 % (contre 6,5 % en 2023), en raison de résultats poussifs de son secteur extractif. L’inflation est maîtrisée et le déficit du compte des transactions courantes se résorbe. Des risques considérables pèsent sur les perspectives économiques, notamment une escalade des tensions géopolitiques dans la région et des chocs météorologiques. De plus, le développement économique du pays est entravé par des difficultés liées aux infrastructures, à la gouvernance, à la vulnérabilité aux chocs économiques et à une diversification économique limitée.
Keywords:
Recommandation politique de l'article IV; Programmes de transferts monétaires; Analyse de viabilité de la dette; Afrique de l'Est; Mondial; Plan d'action du gouvernement; Trésorerie du gouvernement; Marché des titres d'État; Moyen-Orient; Afrique du Nord.
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 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.
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: 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: Third Review Under the Extended Credit 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 discusses Islamic Republic of Mauritania’s Third Review of Arrangement under the Extended Credit Facility. The program aims at entrenching macroeconomic stability, supporting inclusive and job creating growth, and building international reserve buffers. The authorities plan to use the prospective fiscal space prudently for priority social spending—education, health, and social protection—and public infrastructure. The economic outlook has improved, buoyed by more favorable terms of trade and the upcoming development of a large offshore gas field. Growth is projected to accelerate to 6 3/4 percent this year, supported by a recovery in extractive sectors and continued broad-based non-extractive growth reflecting strong domestic demand and budding diversification. Downside risks related to global economic developments, commodity price volatility, and regional security concerns remain elevated. Considerable challenges remain to entrench macroeconomic stability, support inclusive growth, and build resilience to shocks. The prospective fiscal space should be used prudently for priority social policies and public infrastructure.
Keywords:
ISCR; CR; government; GDP; real GDP; price; government action; Mauritania's performance; authorities' effort; hydrocarbon revenue fund; Board's support; windfall gas revenue; Fiscal stance; Credit; Debt sustainability analysis; Global
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: First Review Under the Extended Credit Facility Arrangement-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Mauritania’s First Review Under the Extended Credit Facility (ECF) Arrangement. The outlook is positive, although considerable challenges remain to achieve high and inclusive growth. Vulnerabilities remain elevated and sustained reforms are needed to entrench macroeconomic stability; achieve inclusive growth that creates employment and reduces poverty; and improve the business climate and governance. Policy implementation has been satisfactory and the program is on track. All end-December 2017 performance criteria and eight of the ten structural benchmarks for December 2017–March 2018 were met; the remaining two were implemented with a one-month delay. The IMF staff recommends completion of the first review under the three-year ECF arrangement.
Keywords:
ISCR; CR; price; government; SDR; balance; commodity price development; reform implementation; extractive GDP; Mauritanian authorities; Excl. FDI-financed import; Policy implementation; Credit; Fiscal stance; Global
Cover IMF Staff Country Reports
République islamique de Mauritanie: Consultations de 2016 au titre de l’article IV — communiqué de presse; rapport des services du FMI et déclaration de l’administrateur pour la République islamique de Mauritanie
International Monetary Fund. Middle East and Central Asia Dept.
Contexte. L’économie mauritanienne se heurte à un choc majeur négatif des termes de l’échange plus persistant qu’initialement prévu. Les faibles cours du minerai de fer ont ralenti la croissance et réduit les recettes d’exportation et les réserves internationales nettes, creusé le déficit budgétaire et accru les risques pesant sur la stabilité financière. À l’inverse, le repli des cours du pétrole a fourni un certain appui sur les plans extérieur et budgétaire. Le taux de change a continué de s’apprécier en termes réels en 2015, allant ainsi à l’encontre de l’évolution défavorable des termes de l’échange. L’impact de cette détérioration est aggravé par le manque de diversification de la production, les faiblesses structurelles et la marge de manœuvre limitée des pouvoirs publics, compte tenu du niveau élevé de la dette publique et les tensions s’exerçant sur les volants extérieurs. Perspectives et risques. Les perspectives économiques laissent entrevoir un rebond de l’activité à 4,1 % en 2016, mais elles sont sujettes à des risques baissiers et l’économie reste vulnérable aux chocs exogènes. À moyen terme, les politiques courantes exerceront des tensions persistantes sur les réserves et aboutiront à un niveau d’endettement élevé en raison des plans d’investissement public. Une activité économique atone pourrait compromettre la capacité du secteur financier à drainer le crédit vers le secteur privé et, partant, nuire aux efforts visant à promouvoir une croissance plus diversifiée et plus robuste. À court terme, l’économie se montre surtout vulnérable à une montée des cours du brut, à un repli des cours du minerai de fer.
Keywords:
ISCR; CR; debt; deficit; terms-of-trade shock; TA mission
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