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Middle East and Central Asia > Mauritania, Islamic Republic of

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  • Type: Journal Issue x
  • Monetary Policy, Central Banking, and the Supply of Money and Credit: General x
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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: 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: Fifth Review Under the Extended Credit Facility Arrangement, and Request for Augmentation of Access-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.
The COVID-19 pandemic continues to impose severe social and economic hardships in Mauritania, with a sharp contraction of output expected in 2020. The authorities have responded swiftly to the shock with measures to contain the pandemic and alleviate its fallout. They are prioritizing health spending and targeted support to the most vulnerable households and sectors in the economy. Nevertheless, conditions have weakened since the emergency disbursement under the Rapid Credit Facility in April 2020 (SDR 95.68 million, about US$130 million or 74.3 percent of quota) and wider external and fiscal financing gaps are projected.
Keywords:
ISCR; CR; SDR; IMF's executive board; response plan; debt; authority
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Fifth Review Under the Extended Credit Facility Arrangement, and Request for Augmentation of Access-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.
The COVID-19 pandemic continues to impose severe social and economic hardships in Mauritania, with a sharp contraction of output expected in 2020. The authorities have responded swiftly to the shock with measures to contain the pandemic and alleviate its fallout. They are prioritizing health spending and targeted support to the most vulnerable households and sectors in the economy. Nevertheless, conditions have weakened since the emergency disbursement under the Rapid Credit Facility in April 2020 (SDR 95.68 million, about US$130 million or 74.3 percent of quota) and wider external and fiscal financing gaps are projected.
Keywords:
ISCR; CR; SDR; IMF's executive board; response plan; debt; authority; financing gap; key interest rate; IMF's support; COVID-19; Credit; Fiscal stance; Global
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Request for Disbursement Under the Rapid Credit 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 focuses on the Islamic Republic of Mauritania’s Request for Disbursement Under the Rapid Credit Facility. The economic and social impact of the pandemic is rapidly unfolding, with a contraction of output expected in 2020. The authorities have responded swiftly with measures to contain the pandemic and alleviate its fallout. Going forward, prioritizing health spending and targeted support to the most vulnerable households and sectors in the economy remains critical. The authorities are committed to full transparency and reporting of resources deployed for the emergency response, to audit crisis-mitigation spending once the crisis abates, and to publish the results. At the same time, they remain committed to the economic reform program supported by the ongoing ECF arrangement with the IMF. The program aims at using the fiscal space to increase priority spending on education, health and social protection and infrastructure, while mobilizing domestic revenues and maintaining prudent borrowing policies to preserve debt sustainability.
Keywords:
ISCR; CR; financing; center
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Request for Disbursement Under the Rapid Credit 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 focuses on the Islamic Republic of Mauritania’s Request for Disbursement Under the Rapid Credit Facility. The economic and social impact of the pandemic is rapidly unfolding, with a contraction of output expected in 2020. The authorities have responded swiftly with measures to contain the pandemic and alleviate its fallout. Going forward, prioritizing health spending and targeted support to the most vulnerable households and sectors in the economy remains critical. The authorities are committed to full transparency and reporting of resources deployed for the emergency response, to audit crisis-mitigation spending once the crisis abates, and to publish the results. At the same time, they remain committed to the economic reform program supported by the ongoing ECF arrangement with the IMF. The program aims at using the fiscal space to increase priority spending on education, health and social protection and infrastructure, while mobilizing domestic revenues and maintaining prudent borrowing policies to preserve debt sustainability.
Keywords:
ISCR; CR; financing; center; RCF fund; financing gap; grant financing; commodity export; emergency support; Credit; Fiscal stance; COVID-19; Global
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.
Program implementation continued to be satisfactory despite a somewhat less favorable external environment in 2018. Macroeconomic stability was maintained, external debt to GDP declined, official reserves rose, and some fiscal space was created by strong revenue performance and exceptional extractive proceeds, albeit also by under-execution of public investment. Structural reform implementation progressed as planned. 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 6¾ 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.
Keywords:
ISCR; CR; government; GDP; real GDP; price
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: 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 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