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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 IMF Staff Country Reports
Islamic Republic of Mauritania: Sixth Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-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 is having a severe human, economic, and social impact on Mauritania. The economy is estimated to have contracted by about 2 percent in 2020 and the crisis generated large financing needs. The authorities responded swiftly to mitigate the impact of the pandemic while international partners provided grants, loans, and debt service suspension. This, compounded by higher commodity exports (iron ore and gold) and some delays in emergency spending, resulted in unexpected fiscal surpluses and an accumulation of international reserves, which may now be used to support the recovery in 2021–22. The outlook remains highly uncertain and dependent on volatile commodity markets, with sizable downside risks in case new waves of the pandemic spill over into Mauritania.
Keywords:
ISCR; CR; higher-than-anticipated financing; poverty-reducing expenditure; ECF arrangement; successor ECF; debt service suspension
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Sixth Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-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 is having a severe human, economic, and social impact on Mauritania. The economy is estimated to have contracted by about 2 percent in 2020 and the crisis generated large financing needs. The authorities responded swiftly to mitigate the impact of the pandemic while international partners provided grants, loans, and debt service suspension. This, compounded by higher commodity exports (iron ore and gold) and some delays in emergency spending, resulted in unexpected fiscal surpluses and an accumulation of international reserves, which may now be used to support the recovery in 2021–22. The outlook remains highly uncertain and dependent on volatile commodity markets, with sizable downside risks in case new waves of the pandemic spill over into Mauritania.
Keywords:
ISCR; CR; higher-than-anticipated financing; poverty-reducing expenditure; ECF arrangement; successor ECF; debt service suspension
Cover IMF Working Papers
The Choice Between External and Domestic Debt in Financing Budget Deficits: The Case of Central and West African Countries
Mr. Philippe Beaugrand
,
Mr. Montfort Mlachila
, and
Mr. Boileau Loko
The paper reviews the principles and practical considerations involved in the choice between foreign and domestic financing of fiscal deficits, and derives a series of recommendations broadly applicable to Central and West African countries. The paper develops a simple analytical framework and shows that highly concessional external debt is usually a superior choice to domestic debt in terms of financial costs and risks, even in the face of a probable devaluation. The paper stresses the importance of the availability and terms of financing, and of overall long-term debt sustainability. It concludes that these countries need to take a gradual approach to domestic debt financing, beginning with the issuance of short-term bills, and ensure a solid track record of meeting their debt-service obligations.
Keywords:
WP; central bank; debt management; private sector; budget deficit financing; external debt; domestic debt; Central Africa; West Africa; government financing option; financing choice; public sector financing instrument; sustainability analysis; financing requirement; financing source; Government debt management; Budget planning and preparation; Debt service; Sub-Saharan Africa