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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: 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: 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 Working Papers
The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues
Wouter Bossu
and
Arthur D. P. Rossi
This paper discusses key legal issues in the design of Board Oversight in central banks. Central banks are complex and sophisticated organizations that are challenging to manage. While most economic literature focuses on decision-making in the context of monetary policy formulation, this paper focuses on the Board oversight of central banks—a central feature of sound governance. This form of oversight is the decision-making responsibility through which an internal body of the central bank—the Oversight Board—ensures that the central bank is well-managed. First, the paper will contextualize the role of Board oversight into the broader legal structure for central bank governance by considering this form of oversight as one of the core decision-making responsibilities of central banks. Secondly, the paper will focus on a number of important legal design issues for Board Oversight, by contrasting the current practices of the IMF membership’s 174 central banks with staff’s advisory practice developed over the past 50 years.
Keywords:
WP; executive management; decision-making responsibility; Board oversight; Oversight responsibility; central bank law; public policy; boards of directors; central bank official; central bank law provision; central bank Decision-making; central bank governance; central bank decision-making structures; central bank Decision-Making responsibility; Central bank legislation; Legal support in revenue administration; Central bank organization; Central bank governance; Central bank mandate; Africa; Global
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Technical Assistance Report-Report on the External Sector Statistics Technical Assistance Mission (March 19-30, 2018)
International Monetary Fund. Statistics Dept.
With the support of the IMF’s Middle East and Central Asia Department (MCD), and at the request of the Central Bank of Mauritania (BCM), the IMF’s Statistics Department (STA) mission visited Nouakchott from March 19–30, 2018, to provide technical assistance (TA) in the area of external sector statistics (ESS). This mission is part of an initiative financed by the Financial Sector Stability Fund (FSSF): Balance Sheet Approach (BSA) Sub-Module. This intersectoral effort will enable the production of more reliable BSA matrices to support macroprudential policies, the country’s financial stability analysis, and the IMF’s surveillance missions. The mission’s key objectives were to work closely with the BCM in order to (i) improve the compilation of the balance of payments (BOP), and (ii) propose a framework for compiling the international investment position (IIP). Based on the findings and recommendations of the last TA mission on external sector statistics (ESS) carried out at the BCM in October 2016, this mission notes the need to improve the quality of most items in the BOP, particularly the financial account, which could also aid IIP compilation efforts in the near future.
Keywords:
ISCR; CR; balance of payments; BOP team; compilation framework; IIP component; BOP framework; BOP transaction; BOP system; Foreign direct investment; Operational risk; External sector statistics; Commercial banks; International investment position
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
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
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. Middle East and Central Asia Dept.
KEY ISSUES Context. Mauritania’s economy has benefited from macroeconomic stability and high growth in the context of contained inflation, responsible macro-policies, high iron ore prices and scaled-up public investment. However, economic growth has not translated into broadly improved living standards and is being hit by a sharp decline in iron ore prices. Outlook and Risks. Although the outlook remains favorable, it hinges heavily on stabilizing iron ore prices and expanding mining capacity. Downside risks to the outlook dominate because iron ore prices may decline further in response to excess supply in the global market. Key Policy Recommendations. With high risk of debt distress and deteriorating terms of trade, Mauritania’s fiscal policy needs to remain focused on consolidation to support fiscal sustainability. Over the medium term, a fiscal framework with a full-fledged fiscal rule will help prevent the boom–bust cycles that ensue from volatility in natural resource revenue, and with strengthened governance in managing mining wealth. The central bank should take advantage of the low-inflation environment to strengthen monetary policy formulation, gradually liberalize the foreign exchange market, and introduce liquidity support and banking resolution frameworks. The implementation of the recent FSAP recommendations should be pursued to enhance the stability of the financial sector stability. Economic diversification and inclusive growth are the foremost medium-term challenges. The authorities should accelerate structural reforms needed to raise Mauritania’s potential growth, create jobs, and improve living standards for all Mauritanians. Article VIII. A comprehensive analysis of the foreign exchange market identified exchange restrictions and multiple currency practices (MCPs) subject to Fund approval under Article VIII. Effective November 20, 2013, the exchange rate regime is classified as “stabilized” arrangement.
Keywords:
ISCR; CR; debt; private sector; economy; risk; TA mission; banking vulnerability; iron ore price; Policy adjustment; foreign exchange risk exposure; mining export revenue; Mining sector; Bank supervision; Global; Middle East; North Africa; East Africa
Cover IMF Staff Country Reports
République islamique de Mauritanie consultations de 2014 au titre de l’article IV –– rapport des services du FMI; communiqué de presse et déclaration de l’administrateur pour la République islamique de Mauritanie
International Monetary Fund. Middle East and Central Asia Dept.
THÈMES PRINCIPAUX Contexte. L’économie mauritanienne a tiré parti de la stabilité macroéconomique et de la forte croissance dans un contexte caractérisé par la maîtrise de d’inflation, des politiques macroéconomiques responsables, les prix élevés du minerai de fer et la hausse des investissements publics. Pour autant, la croissance économique ne s’est pas traduite par une amélioration générale du niveau de vie et souffre actuellement de la baisse marquée des prix du minerai de fer. Perspectives et risques. Bien que les perspectives restent favorables, elles sont largement tributaires de la stabilisation des prix du minerai de fer et de l’accroissement de la capacité minière. Les risques baissiers qui pèsent sur les perspectives sont dominants, les prix du minerai de fer pouvant davantage baisser en raison de l’offre excédentaire sur le marché mondial. Principales recommandations. Eu égard au risque élevé de surendettement et à la détérioration des termes de l’échange, la politique budgétaire de la Mauritanie devrait rester axée sur le rééquilibrage afin d’assurer la viabilité budgétaire. À moyen terme, un cadre budgétaire, assorti d’une règle budgétaire à part entière, contribuera à prévenir les cycles d’expansion et de récession imputables à la volatilité des recettes des ressources naturelles; ce cadre devrait également prévoir une gouvernance renforcée de la gestion de la richesse minière. La banque centrale devrait tirer parti de la faiblesse de l’inflation pour renforcer la formulation de la politique monétaire, libéraliser progressivement le marché des changes et introduire des cadres de gestion de la liquidité et de résolution bancaire. La mise en œuvre des recommandations du récent PESF devrait se poursuivre pour consolider la stabilité du secteur financier. La diversification économique et la croissance inclusive sont les principaux défis à moyen terme. Les autorités devraient accélérer les réformes structurelles requises pour doper la croissance potentielle de la Mauritanie, créer des emplois et améliorer le niveau de vie de tous les Mauritaniens. Article VIII. Une analyse exhaustive du marché des changes a relevé qu’il existait des restrictions de change et des pratiques de change multiples (PCM) soumises à l’approbation du FMI en vertu de l’article VIII. Depuis le 20 novembre 2013, le régime de change est classé dans la catégorie des dispositifs «stabilisés».
Keywords:
ISCR; CR; debt; private sector; economy; risk
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Islamic Republic of Mauritania
International Monetary Fund
The staff report for the First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) for the Islamic Republic of Mauritania explains the macroeconomic outlook and fiscal policy. Despite a substantial oil revenue shortfall, the fiscal deficit target was met and significant reserves were maintained in the oil fund. The prudent monetary stance contributed to strengthening confidence in the ouguiya and reining in inflation. Mauritania needs to continue to mobilize concessional support to finance its poverty reduction strategy.
Keywords:
ISCR; CR; government; oil revenue management legislation; difficulty carrying out poverty reduction expenditure; governance; poverty-reduction goal; strengthening; executive board discussion; poverty-reducing spending objective; transition authorities; Oil; gas and mining taxes; Oil production; Poverty reduction