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Middle East and Central Asia > Mauritania, Islamic Republic of

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Cover IMF Working Papers
Optimal Reserves in Financially Closed Economies
Mr. Olivier D Jeanne
and
Mr. Damiano Sandri
Financially closed economies insure themselves against current-account shocks using international reserves. We characterize the optimal management of reserves using an open-economy model of precautionary savings and emphasize several results. First, the welfare-based opportunity cost of reserves differs from the measures often used by practitioners. Second, under plausible calibrations the model is consistent with the rule of thumb that reserves should be close to three months of imports. Third, simple linear rules can capture most of the welfare gains from optimal reserve management. Fourth, policymakers should place more emphasis on how to use reserves in response to shocks than on the reserve target itself.
Keywords:
WP; interest rate; opportunity cost; open economy; Official reserves; current account; precautionary savings; carry cost; cost-benefit approach; real rate of interest; welfare cost; level of reserve; Reserve positions; Imports; Reserves management; Exports; Income; Global
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Staff Monitored Program
International Monetary Fund
The Mauritanian transition authorities embarked on a path toward democracy, rule of law, and good governance. The transition authorities initiated a wide range of structural reforms based on the priorities that emerged from consultations with civil society and political parties, and emphasizing the need to improve transparency and governance. The discussions on fiscal and monetary policies and on structural reforms aimed at consolidating recent progress toward macroeconomic stabilization, good governance, and transparency. Mauritania will benefit from considerable technical assistance (TA) from the IMF.
Keywords:
ISCR; CR; government; BCM; net; expenditure; oil revenue; transition authorities; financing policy; foreign exchange; current account; exchange rate; Operational risk; Oil; gas and mining taxes; International reserves; Fiscal stance
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: 2005 Article IV Consultation—Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Islamic Republic of Mauritania
International Monetary Fund
Mauritania was one of the countries to reach the completion point under the enhanced Initiative for Heavily Indebted Poor Countries. The revised fiscal, balance of payments, and monetary data, including data on commercial banks, revealed that the main program parameters were missed by large margins. In 2003–04, progress in structural reforms was slower than planned, and major weaknesses surfaced in fiscal, monetary, and exchange rate management. Executive Directors welcomed the authorities’ intention to gear medium-term spending plans toward poverty reduction.
Keywords:
ISCR; CR; BCM statement; BCM financial statements; staff assessment; central bank governor; fiscal policy; retroactive data issue; locust inflation; inflation risk; International reserves; Operational risk; Oil