Abstract
The Islamic Republic of Mauritania’s macroeconomic developments have remained broadly positive, despite high international fuel and food prices and the near-term drought impact. Supported by a rapid growth in manufacturing industries, non-oil output is expected to grow by 4.8 percent in 2011 despite the drought-related downturn in agricultural production. A low price pass-through and a prudent monetary policy helped contain inflation. Booming mining exports helped narrow the current account deficit and boost foreign exchange reserves to unprecedented levels.
I. Background
1. The Arab Spring has had only a minimal impact on Mauritania. Political unrest has remained sporadic, and tensions have recently centered around groups of African-Mauritanians opposing the civil census launched earlier in the year. Measures aimed at protecting the poor from high food and energy prices and, more recently, an increase in the minimum wage have helped ease social tensions. A newly signed agreement between opposition leaders and government calls for the creation of an independent electoral commission and more media liberalization, which are expected to be in place ahead of next year’s municipal and legislative elections.
2. Mauritania is facing a serious drought. While a full evaluation is still outstanding, many NGOs and multilateral organizations consider the situation dire (Box 1). Immediate needs linked to free food distribution and the procurement of livestock feeds will have to be met in early 2012. Additional external funds will be needed if the drought impact turns out to be more severe than expected.
Drought in Mauritania
Early warning signs point to a severe drought impact in Mauritania. Approximately 90 percent of the rainfall gauging stations have shown significant deficits and dams are less than 50 percent full. Such a situation is reminiscent of 2002, a harsh drought year in Mauritania. Initial field missions conducted by the authorities and donors indicate a 60–70 percent decline in cultivated areas, which will cause a 50 percent drop in cereal production. The ensuing shrinkage in available pastures will also drastically reduce livestock—the main productive asset for most of the rural population—which is already being sold in some areas at depressed prices.
The considerable economic loss for the rural population will significantly increase food insecurity, particularly among the poor. The World Food Program (WFP)’s preliminary estimates indicate that the number of persons living in food insecurity doubled to at least 700,000 people in September 2011 and could increase to as many as 900,000 people by early 2012 (a quarter of Mauritania’s population). Most of that impact will be felt by the poor as subsistence farming and livestock provide for at least 20 percent of their food intake.
An initial emergency program has been prepared to address the emerging food crisis situation, but full donor mobilization will require an emergency declaration. An emergency response program—estimated at $90 million—is being finalized for incorporation into the 2012 budget. This initial response is aimed at dealing with the most pressing needs, including food distribution in affected areas. This needs to be supplemented by a rapid and coordinated response from donors. The preparation for additional donor financing—including such measures as bringing forward and scaling up existing aid programs—is underway. However, the government is still appraising the full cost of the drought impact, and is not yet in a position to declare a state of emergency, which is necessary to fully mobilize additional external assistance. Delays in declaring an emergency may limit resources available to Mauritania, as it could face donor fatigue from ongoing relief efforts in the Horn of Africa and neighboring countries (Mali, Niger).
3. Significant progress under the ECF-supported arrangement notwithstanding, Mauritania still faces several long-standing challenges. Widespread poverty and unemployment, poor infrastructure, and inadequate supply of medium- and long-term financing hamper efforts to diversify the economy and weigh on private-sector activity. The economy has only limited buffers to cushion external shocks arising from a sharp drop in metals prices or shortfall in donor funding.
II. Recent Economic Developments and Program Implementation
4. Macroeconomic performance was resilient, despite high international food and fuel prices and the near-term drought impact (Tables 1–8, Figures 1–5):
Mauritania: Selected Economic and Financial Indicators, 2008–12
(Quota: SDR 64.4 million)
(Population: 3.22 million; 2009)
(Per capita GDP: $1,151; 2010)
(Poverty rate: 42 percent; 2008)
(Main exports: Iron ore, gold, fish; 2010)
Excluding the oil account.
Defined as government non-oil revenue (excluding grants) minus government expenditure (excluding foreign-financed investment expenditure and interest on external debt).
Mauritania: Selected Economic and Financial Indicators, 2008–12
(Quota: SDR 64.4 million)
(Population: 3.22 million; 2009)
(Per capita GDP: $1,151; 2010)
(Poverty rate: 42 percent; 2008)
(Main exports: Iron ore, gold, fish; 2010)
| 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | 2012 | |||
|---|---|---|---|---|---|---|---|---|---|
| Est. | CR/11/189 | Proj. | CR/11/189 | Proj. | |||||
| (Percent; unless otherwise indicated) | |||||||||
| National income and prices (y-o-y growth) | |||||||||
| GDP at constant prices | 3.5 | -1.2 | 5.2 | 5.1 | 4.8 | 5.7 | 5.5 | ||
| Non-oil GDP at constant prices | 3.9 | -1.1 | 5.7 | 5.3 | 4.9 | 5.8 | 5.6 | ||
| GDP excl. extractive industries at constant prices | 3.4 | -1.1 | 5.7 | 5.2 | 5.1 | 5.3 | 5.0 | ||
| Oil production (1000 barrels per day) | 12.1 | 10.7 | 8.3 | 7.5 | 8.0 | 7.5 | 8.0 | ||
| GDP deflator | 12.4 | -5.9 | 19.3 | 9.4 | 13.9 | 5.9 | 5.5 | ||
| Non-oil GDP deflator | 13.0 | -3.9 | 19.0 | 9.2 | 13.5 | 6.2 | 6.1 | ||
| GDP excl. extractive industries deflator | 7.1 | 1.0 | 6.6 | 5.9 | 4.1 | 5.5 | 4.2 | ||
| Consumer price index (period average) | 7.3 | 2.2 | 6.3 | 7.3 | 5.9 | 6.7 | 6.8 | ||
| Consumer price index (end of period) | 3.9 | 5.0 | 6.1 | 7.5 | 6.7 | 6.6 | 6.8 | ||
| External sector | |||||||||
| Value growth of exports of goods, f.o.b. | 27.5 | -23.7 | 52.0 | 37.5 | 38.2 | 7.4 | 6.2 | ||
| Value growth of imports of goods, f.o.b. | 21.8 | -27.2 | 39.1 | 27.5 | 20.2 | 10.7 | 7.8 | ||
| Current account balance (in percent of GDP) | -14.8 | -10.7 | -8.8 | -7.5 | -5.3 | -9.2 | -7.2 | ||
| Gross official reserves 1/ | |||||||||
| In millions of U.S. dollars, end of period | 194.9 | 238.5 | 287.8 | 395.1 | 445.2 | 441.3 | 513.8 | ||
| In months of following year’s imports excluding extractive indust | 2.2 | 2.4 | 2.5 | 2.7 | 3.6 | 3.0 | 4.2 | ||
| PPG external debt (percent of GDP) | 80.8 | 91.9 | 76.8 | 54.8 | 50.7 | 55.8 | 51.9 | ||
| Money | |||||||||
| Money and quasi-money (percentage change) | 13.7 | 14.9 | 12.9 | 13.3 | 19.4 | 13.3 | 13.2 | ||
| Credit to the private sector (percentage change) | 28.9 | 3.7 | 14.2 | 12.8 | 11.3 | 11.7 | 12.4 | ||
| Investment and savings | |||||||||
| Gross investment (percentage of GDP) | 27.3 | 24.6 | 24.5 | 25.7 | 29.7 | 27.3 | 33.2 | ||
| Gross savings (percentage of GDP) | 12.5 | 13.9 | 15.7 | 18.2 | 24.5 | 18.1 | 26.0 | ||
| (Percent of non-oil GDP; unless otherwise indicated) | |||||||||
| Consolidated government operations | |||||||||
| Revenue and grants | 25.9 | 26.7 | 27.7 | 27.4 | 27.8 | 25.8 | 26.8 | ||
| Non-oil revenue | 22.9 | 24.1 | 25.1 | 24.9 | 25.1 | 23.7 | 24.4 | ||
| Oil revenue | 2.2 | 1.8 | 1.4 | 1.2 | 1.3 | 1.1 | 1.2 | ||
| Expenditure and net lending | 32.9 | 32.1 | 29.7 | 30.3 | 30.1 | 29.9 | 30.2 | ||
| Basic non-oil balance; program definition 2/ | -7.7 | -5.3 | -2.4 | -1.6 | -1.0 | -0.8 | -0.7 | ||
| Overall balance including grants | -7.0 | -5.4 | -2.0 | -2.8 | -2.3 | -4.1 | -3.4 | ||
| Public sector debt (percent of GDP) | 90.6 | 101.5 | 86.2 | 63.1 | 58.4 | 63.7 | 59.5 | ||
| Memorandum items: | |||||||||
| Nominal GDP (in billions of UM) | 854.0 | 794.2 | 997.0 | 1147.0 | 1190.0 | 1284.0 | 1324.1 | ||
| Nominal non-oil GDP (in billions of UM) | 796.8 | 757.6 | 952.8 | 1096.0 | 1134.4 | 1232.0 | 1271.0 | ||
| Nominal GDP (in millions of U.S. dollars) | 3536.3 | 3031.2 | 3628.6 | 3999.0 | 4227.1 | 4322.0 | 4538.3 | ||
| Price of iron ore (US$/Ton) | 61.6 | 80.0 | 146.7 | 182.8 | 176.9 | 172.5 | 169.5 | ||
Excluding the oil account.
Defined as government non-oil revenue (excluding grants) minus government expenditure (excluding foreign-financed investment expenditure and interest on external debt).
Mauritania: Selected Economic and Financial Indicators, 2008–12
(Quota: SDR 64.4 million)
(Population: 3.22 million; 2009)
(Per capita GDP: $1,151; 2010)
(Poverty rate: 42 percent; 2008)
(Main exports: Iron ore, gold, fish; 2010)
| 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | 2012 | |||
|---|---|---|---|---|---|---|---|---|---|
| Est. | CR/11/189 | Proj. | CR/11/189 | Proj. | |||||
| (Percent; unless otherwise indicated) | |||||||||
| National income and prices (y-o-y growth) | |||||||||
| GDP at constant prices | 3.5 | -1.2 | 5.2 | 5.1 | 4.8 | 5.7 | 5.5 | ||
| Non-oil GDP at constant prices | 3.9 | -1.1 | 5.7 | 5.3 | 4.9 | 5.8 | 5.6 | ||
| GDP excl. extractive industries at constant prices | 3.4 | -1.1 | 5.7 | 5.2 | 5.1 | 5.3 | 5.0 | ||
| Oil production (1000 barrels per day) | 12.1 | 10.7 | 8.3 | 7.5 | 8.0 | 7.5 | 8.0 | ||
| GDP deflator | 12.4 | -5.9 | 19.3 | 9.4 | 13.9 | 5.9 | 5.5 | ||
| Non-oil GDP deflator | 13.0 | -3.9 | 19.0 | 9.2 | 13.5 | 6.2 | 6.1 | ||
| GDP excl. extractive industries deflator | 7.1 | 1.0 | 6.6 | 5.9 | 4.1 | 5.5 | 4.2 | ||
| Consumer price index (period average) | 7.3 | 2.2 | 6.3 | 7.3 | 5.9 | 6.7 | 6.8 | ||
| Consumer price index (end of period) | 3.9 | 5.0 | 6.1 | 7.5 | 6.7 | 6.6 | 6.8 | ||
| External sector | |||||||||
| Value growth of exports of goods, f.o.b. | 27.5 | -23.7 | 52.0 | 37.5 | 38.2 | 7.4 | 6.2 | ||
| Value growth of imports of goods, f.o.b. | 21.8 | -27.2 | 39.1 | 27.5 | 20.2 | 10.7 | 7.8 | ||
| Current account balance (in percent of GDP) | -14.8 | -10.7 | -8.8 | -7.5 | -5.3 | -9.2 | -7.2 | ||
| Gross official reserves 1/ | |||||||||
| In millions of U.S. dollars, end of period | 194.9 | 238.5 | 287.8 | 395.1 | 445.2 | 441.3 | 513.8 | ||
| In months of following year’s imports excluding extractive indust | 2.2 | 2.4 | 2.5 | 2.7 | 3.6 | 3.0 | 4.2 | ||
| PPG external debt (percent of GDP) | 80.8 | 91.9 | 76.8 | 54.8 | 50.7 | 55.8 | 51.9 | ||
| Money | |||||||||
| Money and quasi-money (percentage change) | 13.7 | 14.9 | 12.9 | 13.3 | 19.4 | 13.3 | 13.2 | ||
| Credit to the private sector (percentage change) | 28.9 | 3.7 | 14.2 | 12.8 | 11.3 | 11.7 | 12.4 | ||
| Investment and savings | |||||||||
| Gross investment (percentage of GDP) | 27.3 | 24.6 | 24.5 | 25.7 | 29.7 | 27.3 | 33.2 | ||
| Gross savings (percentage of GDP) | 12.5 | 13.9 | 15.7 | 18.2 | 24.5 | 18.1 | 26.0 | ||
| (Percent of non-oil GDP; unless otherwise indicated) | |||||||||
| Consolidated government operations | |||||||||
| Revenue and grants | 25.9 | 26.7 | 27.7 | 27.4 | 27.8 | 25.8 | 26.8 | ||
| Non-oil revenue | 22.9 | 24.1 | 25.1 | 24.9 | 25.1 | 23.7 | 24.4 | ||
| Oil revenue | 2.2 | 1.8 | 1.4 | 1.2 | 1.3 | 1.1 | 1.2 | ||
| Expenditure and net lending | 32.9 | 32.1 | 29.7 | 30.3 | 30.1 | 29.9 | 30.2 | ||
| Basic non-oil balance; program definition 2/ | -7.7 | -5.3 | -2.4 | -1.6 | -1.0 | -0.8 | -0.7 | ||
| Overall balance including grants | -7.0 | -5.4 | -2.0 | -2.8 | -2.3 | -4.1 | -3.4 | ||
| Public sector debt (percent of GDP) | 90.6 | 101.5 | 86.2 | 63.1 | 58.4 | 63.7 | 59.5 | ||
| Memorandum items: | |||||||||
| Nominal GDP (in billions of UM) | 854.0 | 794.2 | 997.0 | 1147.0 | 1190.0 | 1284.0 | 1324.1 | ||
| Nominal non-oil GDP (in billions of UM) | 796.8 | 757.6 | 952.8 | 1096.0 | 1134.4 | 1232.0 | 1271.0 | ||
| Nominal GDP (in millions of U.S. dollars) | 3536.3 | 3031.2 | 3628.6 | 3999.0 | 4227.1 | 4322.0 | 4538.3 | ||
| Price of iron ore (US$/Ton) | 61.6 | 80.0 | 146.7 | 182.8 | 176.9 | 172.5 | 169.5 | ||
Excluding the oil account.
Defined as government non-oil revenue (excluding grants) minus government expenditure (excluding foreign-financed investment expenditure and interest on external debt).
Mauritania: Balance of Payments, 2008–12
(In millions of U.S. dollars, unless otherwise indicated)
Total imports in 2012 are lower than programmed in CR/11/189 due to a downward revision of other imports such as garments, cars, and construction materials.
MDRI debt and assumed arrears relief (including passive debt owed to Kuwait and Libya) is treated as a one-time stock operation.
Mauritania: Balance of Payments, 2008–12
(In millions of U.S. dollars, unless otherwise indicated)
| 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | 2012 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Est. | CR/11/189 | Proj. | CR/11/189 | Proj. | ||||||
| Trade balance | -123.3 | -26.7 | 138.2 | 383.0 | 540.4 | 330.1 | 534.7 | |||
| Exports | 1787.6 | 1364.2 | 2073.5 | 2851.2 | 2866.0 | 3063.0 | 3042.4 | |||
| Of which: Iron ore | 823.4 | 521.6 | 997.0 | 1486.3 | 1514.1 | 1658.4 | 1501.9 | |||
| Imports, fob 1/ | -1910.9 | -1390.9 | -1935.3 | -2462.8 | -2325.6 | -2732.9 | -2507.7 | |||
| Imports of extractive industries | -717.9 | -477.3 | -852.6 | -939.4 | -1076.9 | -995.1 | -1104.9 | |||
| Services and income (net) | -596.2 | -427.1 | -619.5 | -861.7 | -898.3 | -893.4 | -1023.9 | |||
| Services (net) | -626.7 | -479.2 | -550.9 | -634.3 | -643.6 | -552.6 | -695.1 | |||
| Income (net) | 30.5 | 52.1 | -68.5 | -227.4 | -254.7 | -340.8 | -328.7 | |||
| Credit | 130.5 | 118.0 | 113.7 | 125.6 | 109.0 | 126.5 | 100.5 | |||
| Of which: EU fishing compensation | 117.0 | 107.5 | 97.8 | 95.8 | 89.1 | 95.3 | 67.2 | |||
| Debit | -100.0 | -65.9 | -182.2 | -353.0 | -363.7 | -467.4 | -429.3 | |||
| Current transfers (net) | 196.6 | 130.8 | 162.1 | 179.0 | 135.2 | 164.5 | 160.5 | |||
| Private unrequited transfers (net) | 71.7 | 66.4 | 59.3 | 77.1 | 37.8 | 80.2 | 47.3 | |||
| Official transfers | 124.9 | 64.4 | 102.8 | 101.9 | 97.4 | 84.3 | 113.3 | |||
| Current account balance | -522.9 | -323.0 | -319.1 | -299.7 | -222.7 | -398.8 | -328.6 | |||
| Capital and financial account | 408.6 | 212.1 | 455.9 | 1246.6 | 1240.7 | 396.3 | 362.6 | |||
| Capital account | 30.9 | 0.0 | 209.0 | 869.0 | 869.0 | 0.0 | 0.0 | |||
| Financial account | 377.7 | 212.1 | 246.9 | 377.6 | 371.7 | 396.3 | 362.6 | |||
| Direct investment (net) | 338.4 | -3.1 | 128.3 | 195.3 | 588.7 | 152.7 | 549.2 | |||
| Official medium- and long-term loans | 200.5 | 172.6 | 79.5 | 536.9 | 218.8 | 442.5 | 443.0 | |||
| Disbursements | 280.7 | 240.7 | 135.2 | 614.2 | 296.1 | 523.5 | 524.0 | |||
| Amortization | -80.2 | -68.0 | -55.6 | -77.3 | -77.3 | -81.0 | -81.0 | |||
| Other financial flows | -161.2 | 42.6 | 39.0 | -354.6 | -435.8 | -198.9 | -629.6 | |||
| Errors and omissions | 68.9 | 102.5 | 99.2 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Overall balance | -45.4 | -8.4 | 235.9 | 947.0 | 1018.0 | -2.5 | 33.9 | |||
| Financing | 45.4 | 8.4 | -235.9 | -946.9 | -1018.0 | 2.5 | -33.9 | |||
| Net foreign assets | -9.1 | -24.2 | -46.0 | -91.4 | -146.0 | -25.3 | -48.5 | |||
| Central bank (net) | 10.9 | 32.3 | -40.8 | -81.4 | -131.0 | -15.3 | -43.5 | |||
| Commercial banks (net) | -20.0 | -56.5 | -5.2 | -10.0 | -15.0 | -10.0 | -5.0 | |||
| Oil account flow | 13.5 | 12.8 | -1.8 | -9.8 | -17.2 | 0.0 | 0.0 | |||
| Exceptional financing 2/ | 41.0 | 19.7 | -188.2 | -845.8 | -854.7 | 27.8 | 14.6 | |||
| Financing Gap | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Memorandum items: | ||||||||||
| Nominal GDP (in millions U.S. dollars) | 3536.3 | 3031.2 | 3628.6 | 3998.7 | 4227.1 | 4322.2 | 4538.3 | |||
| Trade balance (in percent of GDP) | -3.5 | -0.9 | 3.8 | 9.6 | 12.8 | 7.6 | 11.8 | |||
| Current account balance (in percent of GDP) | -14.8 | -10.7 | -8.8 | -7.5 | -5.3 | -9.2 | -7.2 | |||
| Gross official reserves | ||||||||||
| In millions of U.S. dollars | 194.9 | 238.5 | 287.8 | 395.1 | 445.2 | 441.3 | 513.8 | |||
| In months of imports excluding extractive industries | 2.2 | 2.4 | 2.5 | 2.7 | 3.6 | 3.0 | 4.2 | |||
| Oil account | 46.4 | 33.6 | 35.4 | 45.1 | 52.6 | 45.1 | 52.6 | |||
Total imports in 2012 are lower than programmed in CR/11/189 due to a downward revision of other imports such as garments, cars, and construction materials.
MDRI debt and assumed arrears relief (including passive debt owed to Kuwait and Libya) is treated as a one-time stock operation.
Mauritania: Balance of Payments, 2008–12
(In millions of U.S. dollars, unless otherwise indicated)
| 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | 2012 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Est. | CR/11/189 | Proj. | CR/11/189 | Proj. | ||||||
| Trade balance | -123.3 | -26.7 | 138.2 | 383.0 | 540.4 | 330.1 | 534.7 | |||
| Exports | 1787.6 | 1364.2 | 2073.5 | 2851.2 | 2866.0 | 3063.0 | 3042.4 | |||
| Of which: Iron ore | 823.4 | 521.6 | 997.0 | 1486.3 | 1514.1 | 1658.4 | 1501.9 | |||
| Imports, fob 1/ | -1910.9 | -1390.9 | -1935.3 | -2462.8 | -2325.6 | -2732.9 | -2507.7 | |||
| Imports of extractive industries | -717.9 | -477.3 | -852.6 | -939.4 | -1076.9 | -995.1 | -1104.9 | |||
| Services and income (net) | -596.2 | -427.1 | -619.5 | -861.7 | -898.3 | -893.4 | -1023.9 | |||
| Services (net) | -626.7 | -479.2 | -550.9 | -634.3 | -643.6 | -552.6 | -695.1 | |||
| Income (net) | 30.5 | 52.1 | -68.5 | -227.4 | -254.7 | -340.8 | -328.7 | |||
| Credit | 130.5 | 118.0 | 113.7 | 125.6 | 109.0 | 126.5 | 100.5 | |||
| Of which: EU fishing compensation | 117.0 | 107.5 | 97.8 | 95.8 | 89.1 | 95.3 | 67.2 | |||
| Debit | -100.0 | -65.9 | -182.2 | -353.0 | -363.7 | -467.4 | -429.3 | |||
| Current transfers (net) | 196.6 | 130.8 | 162.1 | 179.0 | 135.2 | 164.5 | 160.5 | |||
| Private unrequited transfers (net) | 71.7 | 66.4 | 59.3 | 77.1 | 37.8 | 80.2 | 47.3 | |||
| Official transfers | 124.9 | 64.4 | 102.8 | 101.9 | 97.4 | 84.3 | 113.3 | |||
| Current account balance | -522.9 | -323.0 | -319.1 | -299.7 | -222.7 | -398.8 | -328.6 | |||
| Capital and financial account | 408.6 | 212.1 | 455.9 | 1246.6 | 1240.7 | 396.3 | 362.6 | |||
| Capital account | 30.9 | 0.0 | 209.0 | 869.0 | 869.0 | 0.0 | 0.0 | |||
| Financial account | 377.7 | 212.1 | 246.9 | 377.6 | 371.7 | 396.3 | 362.6 | |||
| Direct investment (net) | 338.4 | -3.1 | 128.3 | 195.3 | 588.7 | 152.7 | 549.2 | |||
| Official medium- and long-term loans | 200.5 | 172.6 | 79.5 | 536.9 | 218.8 | 442.5 | 443.0 | |||
| Disbursements | 280.7 | 240.7 | 135.2 | 614.2 | 296.1 | 523.5 | 524.0 | |||
| Amortization | -80.2 | -68.0 | -55.6 | -77.3 | -77.3 | -81.0 | -81.0 | |||
| Other financial flows | -161.2 | 42.6 | 39.0 | -354.6 | -435.8 | -198.9 | -629.6 | |||
| Errors and omissions | 68.9 | 102.5 | 99.2 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Overall balance | -45.4 | -8.4 | 235.9 | 947.0 | 1018.0 | -2.5 | 33.9 | |||
| Financing | 45.4 | 8.4 | -235.9 | -946.9 | -1018.0 | 2.5 | -33.9 | |||
| Net foreign assets | -9.1 | -24.2 | -46.0 | -91.4 | -146.0 | -25.3 | -48.5 | |||
| Central bank (net) | 10.9 | 32.3 | -40.8 | -81.4 | -131.0 | -15.3 | -43.5 | |||
| Commercial banks (net) | -20.0 | -56.5 | -5.2 | -10.0 | -15.0 | -10.0 | -5.0 | |||
| Oil account flow | 13.5 | 12.8 | -1.8 | -9.8 | -17.2 | 0.0 | 0.0 | |||
| Exceptional financing 2/ | 41.0 | 19.7 | -188.2 | -845.8 | -854.7 | 27.8 | 14.6 | |||
| Financing Gap | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Memorandum items: | ||||||||||
| Nominal GDP (in millions U.S. dollars) | 3536.3 | 3031.2 | 3628.6 | 3998.7 | 4227.1 | 4322.2 | 4538.3 | |||
| Trade balance (in percent of GDP) | -3.5 | -0.9 | 3.8 | 9.6 | 12.8 | 7.6 | 11.8 | |||
| Current account balance (in percent of GDP) | -14.8 | -10.7 | -8.8 | -7.5 | -5.3 | -9.2 | -7.2 | |||
| Gross official reserves | ||||||||||
| In millions of U.S. dollars | 194.9 | 238.5 | 287.8 | 395.1 | 445.2 | 441.3 | 513.8 | |||
| In months of imports excluding extractive industries | 2.2 | 2.4 | 2.5 | 2.7 | 3.6 | 3.0 | 4.2 | |||
| Oil account | 46.4 | 33.6 | 35.4 | 45.1 | 52.6 | 45.1 | 52.6 | |||
Total imports in 2012 are lower than programmed in CR/11/189 due to a downward revision of other imports such as garments, cars, and construction materials.
MDRI debt and assumed arrears relief (including passive debt owed to Kuwait and Libya) is treated as a one-time stock operation.
Mauritania: External Financing Requirements, 2009-13
(In millions of U.S. dollars)
Arrears to Kuwait are not included.
Mauritania: External Financing Requirements, 2009-13
(In millions of U.S. dollars)
| 2009 | 2010 | 2011 | 2012 | 2013 | ||||
|---|---|---|---|---|---|---|---|---|
| Est. | Proj. | Proj. | Proj. | |||||
| Total Requirements | -372 | -355 | -287 | -397 | -474 | |||
| Current account deficit | -323 | -319 | -223 | -329 | -411 | |||
| Scheduled public debt amortization | -49 | -36 | -64 | -68 | -64 | |||
| Total Sources | 372 | 355 | 287 | 397 | 474 | |||
| Capital inflows | 361 | 346 | 345 | 416 | 495 | |||
| FDI, net | -3 | 128 | 589 | 549 | 599 | |||
| Disbursements from official creditors (WB, AfDB, FADES) | 193 | 131 | 129 | 254 | 256 | |||
| Other flows 1/ | 172 | 87 | -373 | -388 | -360 | |||
| Of which: SNIM disbursements | 27 | 0 | 100 | 270 | 250 | |||
| Financing Items | 41 | 60 | 116 | 50 | 32 | |||
| IMF | 0 | 35 | 35 | 35 | 18 | |||
| France | 0 | 4 | 46 | 0 | 0 | |||
| Arab Monetary Fund | 22 | 0 | 22 | 0 | 0 | |||
| Exceptional financing 1/ | 20 | 21 | 14 | 15 | 14 | |||
| Change in oil account (- increase) | 13 | -2 | -17 | 0 | -17 | |||
| Change in reserves (- increase) | -44 | -49 | -157 | -69 | -37 | |||
| Residual financing gap | 0 | 0 | 0 | 0 | 0 | |||
| Memorandum item: | ||||||||
| Overall balance 1/ | -8 | 27 | 149 | 34 | 45 | |||
Arrears to Kuwait are not included.
Mauritania: External Financing Requirements, 2009-13
(In millions of U.S. dollars)
| 2009 | 2010 | 2011 | 2012 | 2013 | ||||
|---|---|---|---|---|---|---|---|---|
| Est. | Proj. | Proj. | Proj. | |||||
| Total Requirements | -372 | -355 | -287 | -397 | -474 | |||
| Current account deficit | -323 | -319 | -223 | -329 | -411 | |||
| Scheduled public debt amortization | -49 | -36 | -64 | -68 | -64 | |||
| Total Sources | 372 | 355 | 287 | 397 | 474 | |||
| Capital inflows | 361 | 346 | 345 | 416 | 495 | |||
| FDI, net | -3 | 128 | 589 | 549 | 599 | |||
| Disbursements from official creditors (WB, AfDB, FADES) | 193 | 131 | 129 | 254 | 256 | |||
| Other flows 1/ | 172 | 87 | -373 | -388 | -360 | |||
| Of which: SNIM disbursements | 27 | 0 | 100 | 270 | 250 | |||
| Financing Items | 41 | 60 | 116 | 50 | 32 | |||
| IMF | 0 | 35 | 35 | 35 | 18 | |||
| France | 0 | 4 | 46 | 0 | 0 | |||
| Arab Monetary Fund | 22 | 0 | 22 | 0 | 0 | |||
| Exceptional financing 1/ | 20 | 21 | 14 | 15 | 14 | |||
| Change in oil account (- increase) | 13 | -2 | -17 | 0 | -17 | |||
| Change in reserves (- increase) | -44 | -49 | -157 | -69 | -37 | |||
| Residual financing gap | 0 | 0 | 0 | 0 | 0 | |||
| Memorandum item: | ||||||||
| Overall balance 1/ | -8 | 27 | 149 | 34 | 45 | |||
Arrears to Kuwait are not included.
Mauritania: Central Government Operations, 2008–12
(In billions of ouguiyas, unless otherwise indicated)
Tax arrears from the public electricity company.
Including transfers to public entities outside the central government. For 2012, it also includes payments arrears to hydrocarbon companies and SOMELEC.
These include the development fund (FAID).
Defined as government non-oil revenue (excluding grants) minus government expenditure (excluding foreign-financed investment expenditure and interest on external debt).
Mauritania: Central Government Operations, 2008–12
(In billions of ouguiyas, unless otherwise indicated)
| 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | 2012 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | CR/11/189 | Proj. | CR/11/189 | Proj. | ||||||||
| Non-oil revenue and grants | 189.0 | 188.5 | 250.3 | 287.9 | 300.9 | 304.5 | 325.3 | |||||
| Non-oil revenue | 182.5 | 182.4 | 238.7 | 273.0 | 285.0 | 292.0 | 310.8 | |||||
| Tax revenue | 114.7 | 106.6 | 145.6 | 162.9 | 179.6 | 195.9 | 195.8 | |||||
| Nontax revenue | 67.8 | 75.8 | 83.1 | 110.1 | 103.4 | 96.1 | 114.9 | |||||
| Of which: Fish revenues | 38.7 | 41.0 | 42.3 | 43.0 | 35.2 | 44.2 | 35.1 | |||||
| Exceptional revenue 1/ | - | - | 10.0 | - | 2.1 | - | - | |||||
| Total grants | 6.5 | 6.1 | 11.6 | 14.9 | 15.9 | 12.6 | 14.5 | |||||
| Of which: Projects | 4.0 | 3.7 | 0.6 | 7.8 | 10.0 | 7.6 | 10.0 | |||||
| Expenditure and net lending | 262.0 | 242.9 | 282.9 | 331.8 | 341.8 | 368.4 | 383.9 | |||||
| Current expenditure | 206.4 | 186.7 | 204.5 | 242.8 | 246.7 | 251.7 | 258.1 | |||||
| Compensation of employees | 71.3 | 77.0 | 83.6 | 89.5 | 89.5 | 94.9 | 95.0 | |||||
| Goods and services | 54.0 | 51.6 | 47.2 | 51.8 | 51.8 | 55.3 | 55.4 | |||||
| Subsidies and transfers 2/ | 42.8 | 20.3 | 27.0 | 62.1 | 62.1 | 57.2 | 65.4 | |||||
| Of which: Energy subsidies | 8.0 | 6.4 | - | 30.0 | 30.0 | 22.5 | 22.5 | |||||
| Drought related subsidies | - | - | - | - | - | - | 23.2 | |||||
| Arrears repayments | - | - | - | - | - | 9.0 | 3.5 | |||||
| Interest | 16.5 | 16.2 | 19.4 | 20.1 | 20.2 | 24.6 | 20.4 | |||||
| External | 5.8 | 5.1 | 7.5 | 8.4 | 8.4 | 12.8 | 9.3 | |||||
| Domestic | 10.7 | 11.1 | 11.9 | 11.8 | 11.7 | 11.8 | 11.1 | |||||
| Special accounts and others 3/ | 6.8 | 4.9 | 12.6 | 10.0 | 13.6 | 10.0 | 11.2 | |||||
| Capital expenditure | 55.6 | 51.8 | 65.1 | 88.4 | 92.6 | 116.4 | 125.5 | |||||
| Foreign-financed investment | 12.0 | 14.9 | 13.7 | 33.4 | 37.6 | 54.4 | 55.5 | |||||
| Domestically-financed investment | 43.6 | 36.9 | 51.5 | 55.0 | 55.0 | 62.0 | 70.0 | |||||
| Restructuring and net lending | 0.0 | 4.4 | 13.4 | 0.5 | 2.6 | 0.3 | 0.3 | |||||
| Common reserves | 15.1 | 16.6 | 13.2 | 9.4 | 9.5 | 9.8 | 10.8 | |||||
| Basic non-oil balance; program definition 4/ | -61.7 | -40.5 | -23.0 | -17.0 | -10.8 | -9.2 | -8.4 | |||||
| Non-oil balance excluding grants | -79.5 | -60.5 | -44.2 | -58.8 | -56.9 | -76.4 | -73.1 | |||||
| Non-oil balance including grants | -73.0 | -54.4 | -32.7 | -43.9 | -41.0 | -63.8 | -58.6 | |||||
| Net revenue from oil | 17.4 | 13.7 | 13.5 | 12.8 | 14.8 | 13.2 | 15.3 | |||||
| Overall balance including grants | -55.6 | -40.7 | -19.2 | -31.1 | -26.1 | -50.6 | -43.3 | |||||
| Financing | 55.8 | 42.5 | 20.4 | 31.1 | 26.1 | 50.6 | 43.3 | |||||
| Domestic financing | 44.3 | 25.0 | 12.0 | -1.9 | -6.5 | 3.6 | 5.4 | |||||
| Banking system | 32.4 | 23.4 | 10.1 | -9.6 | -10.2 | 0.2 | 2.0 | |||||
| Central Bank of Mauritania | 20.0 | 20.4 | -5.7 | 0.0 | -13.0 | -0.3 | -2.5 | |||||
| Commercial banks | 12.5 | 3.0 | 15.8 | -9.6 | 2.8 | 0.5 | 4.5 | |||||
| Nonbanks | 14.8 | -5.9 | -2.5 | 10.8 | -0.5 | 6.2 | 6.2 | |||||
| Privatization and other | -2.8 | -2.8 | -2.8 | -2.8 | -2.8 | -2.8 | -2.8 | |||||
| Domestic arrears (inc. accrued interests) | -1.8 | 0.3 | 7.2 | -0.3 | 7.0 | 0.0 | 0.0 | |||||
| External financing | 11.6 | 17.5 | 8.4 | 33.0 | 32.6 | 47.0 | 38.0 | |||||
| Oil account (net) | 3.3 | 3.4 | -0.5 | -2.8 | -4.8 | 0.0 | 0.0 | |||||
| Net revenue from oil (net) | -17.4 | -13.7 | -13.5 | -12.8 | -14.8 | -13.2 | -15.3 | |||||
| Oil account contribution to the budget | 20.7 | 17.1 | 13.0 | 10.0 | 10.0 | 13.2 | 15.3 | |||||
| Other (net) | 8.3 | 14.2 | 8.9 | 35.8 | 37.4 | 47.0 | 38.0 | |||||
| Net borrowing (net) | 1.9 | 9.0 | 3.2 | 29.2 | 33.4 | 38.8 | 33.7 | |||||
| Exceptional financing | 6.4 | 5.2 | 5.7 | 6.7 | 4.0 | 8.3 | 4.3 | |||||
| Errors and Omissions | 0.3 | 1.8 | 1.2 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Tax arrears from the public electricity company.
Including transfers to public entities outside the central government. For 2012, it also includes payments arrears to hydrocarbon companies and SOMELEC.
These include the development fund (FAID).
Defined as government non-oil revenue (excluding grants) minus government expenditure (excluding foreign-financed investment expenditure and interest on external debt).
Mauritania: Central Government Operations, 2008–12
(In billions of ouguiyas, unless otherwise indicated)
| 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | 2012 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | CR/11/189 | Proj. | CR/11/189 | Proj. | ||||||||
| Non-oil revenue and grants | 189.0 | 188.5 | 250.3 | 287.9 | 300.9 | 304.5 | 325.3 | |||||
| Non-oil revenue | 182.5 | 182.4 | 238.7 | 273.0 | 285.0 | 292.0 | 310.8 | |||||
| Tax revenue | 114.7 | 106.6 | 145.6 | 162.9 | 179.6 | 195.9 | 195.8 | |||||
| Nontax revenue | 67.8 | 75.8 | 83.1 | 110.1 | 103.4 | 96.1 | 114.9 | |||||
| Of which: Fish revenues | 38.7 | 41.0 | 42.3 | 43.0 | 35.2 | 44.2 | 35.1 | |||||
| Exceptional revenue 1/ | - | - | 10.0 | - | 2.1 | - | - | |||||
| Total grants | 6.5 | 6.1 | 11.6 | 14.9 | 15.9 | 12.6 | 14.5 | |||||
| Of which: Projects | 4.0 | 3.7 | 0.6 | 7.8 | 10.0 | 7.6 | 10.0 | |||||
| Expenditure and net lending | 262.0 | 242.9 | 282.9 | 331.8 | 341.8 | 368.4 | 383.9 | |||||
| Current expenditure | 206.4 | 186.7 | 204.5 | 242.8 | 246.7 | 251.7 | 258.1 | |||||
| Compensation of employees | 71.3 | 77.0 | 83.6 | 89.5 | 89.5 | 94.9 | 95.0 | |||||
| Goods and services | 54.0 | 51.6 | 47.2 | 51.8 | 51.8 | 55.3 | 55.4 | |||||
| Subsidies and transfers 2/ | 42.8 | 20.3 | 27.0 | 62.1 | 62.1 | 57.2 | 65.4 | |||||
| Of which: Energy subsidies | 8.0 | 6.4 | - | 30.0 | 30.0 | 22.5 | 22.5 | |||||
| Drought related subsidies | - | - | - | - | - | - | 23.2 | |||||
| Arrears repayments | - | - | - | - | - | 9.0 | 3.5 | |||||
| Interest | 16.5 | 16.2 | 19.4 | 20.1 | 20.2 | 24.6 | 20.4 | |||||
| External | 5.8 | 5.1 | 7.5 | 8.4 | 8.4 | 12.8 | 9.3 | |||||
| Domestic | 10.7 | 11.1 | 11.9 | 11.8 | 11.7 | 11.8 | 11.1 | |||||
| Special accounts and others 3/ | 6.8 | 4.9 | 12.6 | 10.0 | 13.6 | 10.0 | 11.2 | |||||
| Capital expenditure | 55.6 | 51.8 | 65.1 | 88.4 | 92.6 | 116.4 | 125.5 | |||||
| Foreign-financed investment | 12.0 | 14.9 | 13.7 | 33.4 | 37.6 | 54.4 | 55.5 | |||||
| Domestically-financed investment | 43.6 | 36.9 | 51.5 | 55.0 | 55.0 | 62.0 | 70.0 | |||||
| Restructuring and net lending | 0.0 | 4.4 | 13.4 | 0.5 | 2.6 | 0.3 | 0.3 | |||||
| Common reserves | 15.1 | 16.6 | 13.2 | 9.4 | 9.5 | 9.8 | 10.8 | |||||
| Basic non-oil balance; program definition 4/ | -61.7 | -40.5 | -23.0 | -17.0 | -10.8 | -9.2 | -8.4 | |||||
| Non-oil balance excluding grants | -79.5 | -60.5 | -44.2 | -58.8 | -56.9 | -76.4 | -73.1 | |||||
| Non-oil balance including grants | -73.0 | -54.4 | -32.7 | -43.9 | -41.0 | -63.8 | -58.6 | |||||
| Net revenue from oil | 17.4 | 13.7 | 13.5 | 12.8 | 14.8 | 13.2 | 15.3 | |||||
| Overall balance including grants | -55.6 | -40.7 | -19.2 | -31.1 | -26.1 | -50.6 | -43.3 | |||||
| Financing | 55.8 | 42.5 | 20.4 | 31.1 | 26.1 | 50.6 | 43.3 | |||||
| Domestic financing | 44.3 | 25.0 | 12.0 | -1.9 | -6.5 | 3.6 | 5.4 | |||||
| Banking system | 32.4 | 23.4 | 10.1 | -9.6 | -10.2 | 0.2 | 2.0 | |||||
| Central Bank of Mauritania | 20.0 | 20.4 | -5.7 | 0.0 | -13.0 | -0.3 | -2.5 | |||||
| Commercial banks | 12.5 | 3.0 | 15.8 | -9.6 | 2.8 | 0.5 | 4.5 | |||||
| Nonbanks | 14.8 | -5.9 | -2.5 | 10.8 | -0.5 | 6.2 | 6.2 | |||||
| Privatization and other | -2.8 | -2.8 | -2.8 | -2.8 | -2.8 | -2.8 | -2.8 | |||||
| Domestic arrears (inc. accrued interests) | -1.8 | 0.3 | 7.2 | -0.3 | 7.0 | 0.0 | 0.0 | |||||
| External financing | 11.6 | 17.5 | 8.4 | 33.0 | 32.6 | 47.0 | 38.0 | |||||
| Oil account (net) | 3.3 | 3.4 | -0.5 | -2.8 | -4.8 | 0.0 | 0.0 | |||||
| Net revenue from oil (net) | -17.4 | -13.7 | -13.5 | -12.8 | -14.8 | -13.2 | -15.3 | |||||
| Oil account contribution to the budget | 20.7 | 17.1 | 13.0 | 10.0 | 10.0 | 13.2 | 15.3 | |||||
| Other (net) | 8.3 | 14.2 | 8.9 | 35.8 | 37.4 | 47.0 | 38.0 | |||||
| Net borrowing (net) | 1.9 | 9.0 | 3.2 | 29.2 | 33.4 | 38.8 | 33.7 | |||||
| Exceptional financing | 6.4 | 5.2 | 5.7 | 6.7 | 4.0 | 8.3 | 4.3 | |||||
| Errors and Omissions | 0.3 | 1.8 | 1.2 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Tax arrears from the public electricity company.
Including transfers to public entities outside the central government. For 2012, it also includes payments arrears to hydrocarbon companies and SOMELEC.
These include the development fund (FAID).
Defined as government non-oil revenue (excluding grants) minus government expenditure (excluding foreign-financed investment expenditure and interest on external debt).
Mauritania: Central Government Operations, 2008–12
(In percent of non-oil GDP, unless otherwise indicated)
Tax arrears from the public electricity company.
Including transfers to public entities outside the central government. For 2012, it also includes payments arrears to hydrocarbon companies and SOMELEC.
These include the development fund (FAID).
Defined as government non-oil revenue (excluding grants) minus government expenditure (excluding foreign-financed investment expenditure and interest on external debt).
Mauritania: Central Government Operations, 2008–12
(In percent of non-oil GDP, unless otherwise indicated)
| 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | 2012 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | CR/11/189 | Proj. | CR/11/189 | Proj. | ||||||||
| Non-oil revenue and grants | 23.7 | 24.9 | 26.3 | 26.3 | 26.5 | 24.7 | 25.6 | |||||
| Non-oil revenue | 22.9 | 24.1 | 25.1 | 24.9 | 25.1 | 23.7 | 24.4 | |||||
| Tax revenue | 14.4 | 14.1 | 15.3 | 14.9 | 15.8 | 15.9 | 15.4 | |||||
| Nontax revenue | 8.5 | 10.0 | 8.7 | 10.0 | 9.1 | 7.8 | 9.0 | |||||
| Of which: Fish revenues | 4.9 | 5.4 | 4.4 | 3.9 | 3.1 | 3.6 | 2.8 | |||||
| Exceptional revenue 1/ | - | - | 1.0 | - | 0.2 | - | - | |||||
| Total grants | 0.8 | 0.8 | 1.2 | 1.4 | 1.4 | 1.0 | 1.1 | |||||
| Of which: Projects | 0.5 | 0.5 | 0.1 | 0.7 | 0.9 | 0.6 | 0.8 | |||||
| Expenditure and net lending | 32.9 | 32.1 | 29.7 | 30.3 | 30.1 | 29.9 | 30.2 | |||||
| Current expenditure | 25.9 | 24.6 | 21.5 | 22.2 | 21.7 | 20.4 | 20.3 | |||||
| Compensation of employees | 8.9 | 10.2 | 8.8 | 8.2 | 7.9 | 7.7 | 7.5 | |||||
| Goods and services | 6.8 | 6.8 | 5.0 | 4.7 | 4.6 | 4.5 | 4.4 | |||||
| Subsidies and transfers 2/ | 5.4 | 2.7 | 2.8 | 5.7 | 5.5 | 4.6 | 5.1 | |||||
| Of which: Energy subsidies | 1.0 | 0.8 | - | 2.7 | 2.6 | 1.8 | 1.8 | |||||
| Drought related subsidies | - | - | - | - | - | - | 1.8 | |||||
| Arrears repayments | - | - | - | - | - | 0.7 | 0.3 | |||||
| Interest | 2.1 | 2.1 | 2.0 | 1.8 | 1.8 | 2.0 | 1.6 | |||||
| External | 0.7 | 0.7 | 0.8 | 0.8 | 0.7 | 1.0 | 0.7 | |||||
| Domestic | 1.3 | 1.5 | 1.3 | 1.1 | 1.0 | 1.0 | 0.9 | |||||
| Special accounts and others 3/ | 0.9 | 0.7 | 1.3 | 0.9 | 1.2 | 0.8 | 0.9 | |||||
| Capital expenditure | 7.0 | 6.8 | 6.8 | 8.1 | 8.2 | 9.4 | 9.9 | |||||
| Foreign-financed investment | 1.5 | 2.0 | 1.4 | 3.1 | 3.3 | 4.4 | 4.4 | |||||
| Domestically-financed investment | 5.5 | 4.9 | 5.4 | 5.0 | 4.8 | 5.0 | 5.5 | |||||
| Restructuring and net lending | 0.0 | 0.6 | 1.4 | 0.0 | 0.2 | 0.0 | 0.0 | |||||
| Common reserves | 1.9 | 2.2 | 1.4 | 0.9 | 0.8 | 0.8 | 0.8 | |||||
| Basic non-oil balance; program definition 4/ | -7.7 | -5.3 | -2.4 | -1.6 | -1.0 | -0.8 | -0.7 | |||||
| Non-oil balance excluding grants | -10.0 | -8.0 | -4.6 | -5.4 | -5.0 | -6.2 | -5.8 | |||||
| Non-oil balance including grants | -9.2 | -7.2 | -3.4 | -4.0 | -3.6 | -5.2 | -4.6 | |||||
| Net revenue from oil | 2.2 | 1.8 | 1.4 | 1.2 | 1.3 | 1.1 | 1.2 | |||||
| Overall balance including grants | -7.0 | -5.4 | -2.0 | -2.8 | -2.3 | -4.1 | -3.4 | |||||
| Financing | 7.0 | 5.6 | 2.1 | 2.8 | 2.3 | 4.1 | 3.4 | |||||
| Domestic financing | 5.6 | 3.3 | 1.3 | -0.2 | -0.6 | 0.3 | 0.4 | |||||
| Banking system | 4.1 | 3.1 | 1.1 | -0.9 | -0.9 | 0.0 | 0.2 | |||||
| Central Bank of Mauritania | 2.5 | 2.7 | -0.6 | 0.0 | -1.1 | 0.0 | -0.2 | |||||
| Commercial banks | 1.6 | 0.4 | 1.7 | -0.9 | 0.2 | 0.0 | 0.4 | |||||
| Nonbanks | 1.9 | -0.8 | -0.3 | 1.0 | 0.0 | 0.5 | 0.5 | |||||
| Privatization and other | -0.4 | -0.4 | -0.3 | -0.3 | -0.2 | -0.2 | -0.2 | |||||
| Domestic arrears (inc. accrued interests) | -0.2 | 0.0 | 0.8 | 0.0 | 0.6 | 0.0 | 0.0 | |||||
| External financing | 1.4 | 2.3 | 0.9 | 3.0 | 2.9 | 3.8 | 3.0 | |||||
| Oil account (net) | 0.4 | 0.4 | -0.1 | -0.3 | -0.4 | 0.0 | 0.0 | |||||
| Net revenue from oil (net) | -2.2 | -1.8 | -1.4 | -1.2 | -1.3 | -1.1 | -1.2 | |||||
| Oil account contribution to the budget | 2.6 | 2.3 | 1.4 | 0.9 | 0.9 | 1.1 | 1.2 | |||||
| Other (net) | 1.0 | 1.9 | 0.9 | 3.3 | 3.3 | 3.8 | 3.0 | |||||
| Net borrowing (net) | 0.2 | 1.2 | 0.3 | 2.7 | 2.9 | 3.1 | 2.7 | |||||
| Exceptional financing | 0.8 | 0.7 | 0.6 | 0.6 | 0.4 | 0.7 | 0.3 | |||||
| Errors and Omissions | 0.0 | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Memorandum items: | ||||||||||||
| Non-oil GDP (in billions of ouguiya) | 796.8 | 757.6 | 952.8 | 1095.8 | 1134.4 | 1231.8 | 1271.0 | |||||
| Total revenue | 25.1 | 25.9 | 26.5 | 26.1 | 26.4 | 24.8 | 25.7 | |||||
| Tax Revenue excluding extractive industries | 15.9 | 15.3 | 17.2 | 17.5 | 18.8 | 17.9 | 18.8 | |||||
| Oil fund balance (in billions of ouguiya) | 11.7 | 8.8 | 9.7 | 12.9 | 14.8 | 13.4 | 15.3 | |||||
Tax arrears from the public electricity company.
Including transfers to public entities outside the central government. For 2012, it also includes payments arrears to hydrocarbon companies and SOMELEC.
These include the development fund (FAID).
Defined as government non-oil revenue (excluding grants) minus government expenditure (excluding foreign-financed investment expenditure and interest on external debt).
Mauritania: Central Government Operations, 2008–12
(In percent of non-oil GDP, unless otherwise indicated)
| 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | 2012 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | CR/11/189 | Proj. | CR/11/189 | Proj. | ||||||||
| Non-oil revenue and grants | 23.7 | 24.9 | 26.3 | 26.3 | 26.5 | 24.7 | 25.6 | |||||
| Non-oil revenue | 22.9 | 24.1 | 25.1 | 24.9 | 25.1 | 23.7 | 24.4 | |||||
| Tax revenue | 14.4 | 14.1 | 15.3 | 14.9 | 15.8 | 15.9 | 15.4 | |||||
| Nontax revenue | 8.5 | 10.0 | 8.7 | 10.0 | 9.1 | 7.8 | 9.0 | |||||
| Of which: Fish revenues | 4.9 | 5.4 | 4.4 | 3.9 | 3.1 | 3.6 | 2.8 | |||||
| Exceptional revenue 1/ | - | - | 1.0 | - | 0.2 | - | - | |||||
| Total grants | 0.8 | 0.8 | 1.2 | 1.4 | 1.4 | 1.0 | 1.1 | |||||
| Of which: Projects | 0.5 | 0.5 | 0.1 | 0.7 | 0.9 | 0.6 | 0.8 | |||||
| Expenditure and net lending | 32.9 | 32.1 | 29.7 | 30.3 | 30.1 | 29.9 | 30.2 | |||||
| Current expenditure | 25.9 | 24.6 | 21.5 | 22.2 | 21.7 | 20.4 | 20.3 | |||||
| Compensation of employees | 8.9 | 10.2 | 8.8 | 8.2 | 7.9 | 7.7 | 7.5 | |||||
| Goods and services | 6.8 | 6.8 | 5.0 | 4.7 | 4.6 | 4.5 | 4.4 | |||||
| Subsidies and transfers 2/ | 5.4 | 2.7 | 2.8 | 5.7 | 5.5 | 4.6 | 5.1 | |||||
| Of which: Energy subsidies | 1.0 | 0.8 | - | 2.7 | 2.6 | 1.8 | 1.8 | |||||
| Drought related subsidies | - | - | - | - | - | - | 1.8 | |||||
| Arrears repayments | - | - | - | - | - | 0.7 | 0.3 | |||||
| Interest | 2.1 | 2.1 | 2.0 | 1.8 | 1.8 | 2.0 | 1.6 | |||||
| External | 0.7 | 0.7 | 0.8 | 0.8 | 0.7 | 1.0 | 0.7 | |||||
| Domestic | 1.3 | 1.5 | 1.3 | 1.1 | 1.0 | 1.0 | 0.9 | |||||
| Special accounts and others 3/ | 0.9 | 0.7 | 1.3 | 0.9 | 1.2 | 0.8 | 0.9 | |||||
| Capital expenditure | 7.0 | 6.8 | 6.8 | 8.1 | 8.2 | 9.4 | 9.9 | |||||
| Foreign-financed investment | 1.5 | 2.0 | 1.4 | 3.1 | 3.3 | 4.4 | 4.4 | |||||
| Domestically-financed investment | 5.5 | 4.9 | 5.4 | 5.0 | 4.8 | 5.0 | 5.5 | |||||
| Restructuring and net lending | 0.0 | 0.6 | 1.4 | 0.0 | 0.2 | 0.0 | 0.0 | |||||
| Common reserves | 1.9 | 2.2 | 1.4 | 0.9 | 0.8 | 0.8 | 0.8 | |||||
| Basic non-oil balance; program definition 4/ | -7.7 | -5.3 | -2.4 | -1.6 | -1.0 | -0.8 | -0.7 | |||||
| Non-oil balance excluding grants | -10.0 | -8.0 | -4.6 | -5.4 | -5.0 | -6.2 | -5.8 | |||||
| Non-oil balance including grants | -9.2 | -7.2 | -3.4 | -4.0 | -3.6 | -5.2 | -4.6 | |||||
| Net revenue from oil | 2.2 | 1.8 | 1.4 | 1.2 | 1.3 | 1.1 | 1.2 | |||||
| Overall balance including grants | -7.0 | -5.4 | -2.0 | -2.8 | -2.3 | -4.1 | -3.4 | |||||
| Financing | 7.0 | 5.6 | 2.1 | 2.8 | 2.3 | 4.1 | 3.4 | |||||
| Domestic financing | 5.6 | 3.3 | 1.3 | -0.2 | -0.6 | 0.3 | 0.4 | |||||
| Banking system | 4.1 | 3.1 | 1.1 | -0.9 | -0.9 | 0.0 | 0.2 | |||||
| Central Bank of Mauritania | 2.5 | 2.7 | -0.6 | 0.0 | -1.1 | 0.0 | -0.2 | |||||
| Commercial banks | 1.6 | 0.4 | 1.7 | -0.9 | 0.2 | 0.0 | 0.4 | |||||
| Nonbanks | 1.9 | -0.8 | -0.3 | 1.0 | 0.0 | 0.5 | 0.5 | |||||
| Privatization and other | -0.4 | -0.4 | -0.3 | -0.3 | -0.2 | -0.2 | -0.2 | |||||
| Domestic arrears (inc. accrued interests) | -0.2 | 0.0 | 0.8 | 0.0 | 0.6 | 0.0 | 0.0 | |||||
| External financing | 1.4 | 2.3 | 0.9 | 3.0 | 2.9 | 3.8 | 3.0 | |||||
| Oil account (net) | 0.4 | 0.4 | -0.1 | -0.3 | -0.4 | 0.0 | 0.0 | |||||
| Net revenue from oil (net) | -2.2 | -1.8 | -1.4 | -1.2 | -1.3 | -1.1 | -1.2 | |||||
| Oil account contribution to the budget | 2.6 | 2.3 | 1.4 | 0.9 | 0.9 | 1.1 | 1.2 | |||||
| Other (net) | 1.0 | 1.9 | 0.9 | 3.3 | 3.3 | 3.8 | 3.0 | |||||
| Net borrowing (net) | 0.2 | 1.2 | 0.3 | 2.7 | 2.9 | 3.1 | 2.7 | |||||
| Exceptional financing | 0.8 | 0.7 | 0.6 | 0.6 | 0.4 | 0.7 | 0.3 | |||||
| Errors and Omissions | 0.0 | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Memorandum items: | ||||||||||||
| Non-oil GDP (in billions of ouguiya) | 796.8 | 757.6 | 952.8 | 1095.8 | 1134.4 | 1231.8 | 1271.0 | |||||
| Total revenue | 25.1 | 25.9 | 26.5 | 26.1 | 26.4 | 24.8 | 25.7 | |||||
| Tax Revenue excluding extractive industries | 15.9 | 15.3 | 17.2 | 17.5 | 18.8 | 17.9 | 18.8 | |||||
| Oil fund balance (in billions of ouguiya) | 11.7 | 8.8 | 9.7 | 12.9 | 14.8 | 13.4 | 15.3 | |||||
Tax arrears from the public electricity company.
Including transfers to public entities outside the central government. For 2012, it also includes payments arrears to hydrocarbon companies and SOMELEC.
These include the development fund (FAID).
Defined as government non-oil revenue (excluding grants) minus government expenditure (excluding foreign-financed investment expenditure and interest on external debt).
Mauritania: Monetary Situation, 2008–12
(In billions of ouguiyas at end-of-period exchange rates, unless otherwise indicated)
Mauritania: Monetary Situation, 2008–12
(In billions of ouguiyas at end-of-period exchange rates, unless otherwise indicated)
| 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | 2012 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | CR/11/189 | Proj. | CR/11/189 | Proj. | ||||||||
| Monetary survey | ||||||||||||
| Net foreign assets | -9.5 | -3.3 | 9.4 | 36.1 | 52.8 | 47.7 | 67.9 | |||||
| Net domestic assets | 250.1 | 279.9 | 302.7 | 317.6 | 317.1 | 353.9 | 350.2 | |||||
| Net domestic credit | 381.5 | 424.2 | 470.9 | 497.6 | 499.2 | 533.9 | 538.4 | |||||
| Net credit to the government | 141.7 | 175.5 | 186.8 | 177.2 | 183.1 | 175.8 | 183.0 | |||||
| Credit to the economy | 239.8 | 248.7 | 284.1 | 320.5 | 316.1 | 358.1 | 355.4 | |||||
| Other items net | -131.4 | -144.4 | -168.2 | -180.1 | -182.1 | -180.1 | -188.1 | |||||
| Broad money | 240.6 | 276.5 | 312.1 | 353.7 | 369.9 | 401.5 | 418.1 | |||||
| Monetary authorities | ||||||||||||
| Net foreign assets | 10.1 | 1.6 | 13.3 | 37.2 | 51.6 | 45.8 | 65.1 | |||||
| Net domestic assets | 100.5 | 124.3 | 113.6 | 106.6 | 100.2 | 117.5 | 97.7 | |||||
| Net domestic credit | 115.3 | 146.2 | 141.1 | 141.1 | 134.6 | 139.3 | 132.1 | |||||
| Net credit to the government | 95.6 | 127.0 | 122.3 | 122.3 | 115.8 | 120.5 | 113.3 | |||||
| Other items net | -14.8 | -21.9 | -27.5 | -33.3 | -34.3 | -33.3 | -34.3 | |||||
| Reserve money | 110.6 | 125.9 | 126.9 | 143.8 | 151.8 | 163.2 | 162.9 | |||||
| Currency in circulation | 70.0 | 81.6 | 91.3 | 103.4 | 105.6 | 105.8 | 119.4 | |||||
| Reserves of banks | 40.6 | 44.3 | 35.6 | 40.3 | 46.2 | 57.4 | 43.5 | |||||
| Of which: Banks deposits in FX | 10.0 | 14.0 | 8.1 | 8.4 | 7.4 | 10.4 | 9.7 | |||||
| Commercial banks | ||||||||||||
| Net foreign assets | -19.6 | -5.0 | -3.9 | -1.1 | 1.3 | 1.9 | 2.7 | |||||
| Net domestic credit | 269.6 | 280.7 | 334.0 | 360.8 | 368.9 | 398.8 | 410.5 | |||||
| Net credit to the government | 46.1 | 48.5 | 64.5 | 54.9 | 67.3 | 55.3 | 69.7 | |||||
| Credit to the private sector | 223.4 | 232.3 | 269.5 | 305.9 | 301.6 | 343.6 | 340.8 | |||||
| Other items net | -116.7 | -122.5 | -140.7 | -146.7 | -147.8 | -146.7 | -153.8 | |||||
| Memorandum items: | ||||||||||||
| Velocity of broad money | 3.3 | 2.7 | 3.1 | 3.1 | 3.1 | 3.1 | 3.0 | |||||
| Velocity of broad money (GDP excluding, extractive industries) | 2.5 | 2.2 | 2.2 | 2.1 | 2.0 | 2.1 | 2.0 | |||||
| Credit to the private sector (percent of GDP) | 28.0 | 30.7 | 28.3 | 27.9 | 26.6 | 27.8 | 26.8 | |||||
| Net foreign assets of banks (in millions of U.S. dollars) | -74.8 | -18.9 | -13.8 | -3.8 | 4.3 | 6.2 | 9.3 | |||||
Mauritania: Monetary Situation, 2008–12
(In billions of ouguiyas at end-of-period exchange rates, unless otherwise indicated)
| 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | 2012 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | CR/11/189 | Proj. | CR/11/189 | Proj. | ||||||||
| Monetary survey | ||||||||||||
| Net foreign assets | -9.5 | -3.3 | 9.4 | 36.1 | 52.8 | 47.7 | 67.9 | |||||
| Net domestic assets | 250.1 | 279.9 | 302.7 | 317.6 | 317.1 | 353.9 | 350.2 | |||||
| Net domestic credit | 381.5 | 424.2 | 470.9 | 497.6 | 499.2 | 533.9 | 538.4 | |||||
| Net credit to the government | 141.7 | 175.5 | 186.8 | 177.2 | 183.1 | 175.8 | 183.0 | |||||
| Credit to the economy | 239.8 | 248.7 | 284.1 | 320.5 | 316.1 | 358.1 | 355.4 | |||||
| Other items net | -131.4 | -144.4 | -168.2 | -180.1 | -182.1 | -180.1 | -188.1 | |||||
| Broad money | 240.6 | 276.5 | 312.1 | 353.7 | 369.9 | 401.5 | 418.1 | |||||
| Monetary authorities | ||||||||||||
| Net foreign assets | 10.1 | 1.6 | 13.3 | 37.2 | 51.6 | 45.8 | 65.1 | |||||
| Net domestic assets | 100.5 | 124.3 | 113.6 | 106.6 | 100.2 | 117.5 | 97.7 | |||||
| Net domestic credit | 115.3 | 146.2 | 141.1 | 141.1 | 134.6 | 139.3 | 132.1 | |||||
| Net credit to the government | 95.6 | 127.0 | 122.3 | 122.3 | 115.8 | 120.5 | 113.3 | |||||
| Other items net | -14.8 | -21.9 | -27.5 | -33.3 | -34.3 | -33.3 | -34.3 | |||||
| Reserve money | 110.6 | 125.9 | 126.9 | 143.8 | 151.8 | 163.2 | 162.9 | |||||
| Currency in circulation | 70.0 | 81.6 | 91.3 | 103.4 | 105.6 | 105.8 | 119.4 | |||||
| Reserves of banks | 40.6 | 44.3 | 35.6 | 40.3 | 46.2 | 57.4 | 43.5 | |||||
| Of which: Banks deposits in FX | 10.0 | 14.0 | 8.1 | 8.4 | 7.4 | 10.4 | 9.7 | |||||
| Commercial banks | ||||||||||||
| Net foreign assets | -19.6 | -5.0 | -3.9 | -1.1 | 1.3 | 1.9 | 2.7 | |||||
| Net domestic credit | 269.6 | 280.7 | 334.0 | 360.8 | 368.9 | 398.8 | 410.5 | |||||
| Net credit to the government | 46.1 | 48.5 | 64.5 | 54.9 | 67.3 | 55.3 | 69.7 | |||||
| Credit to the private sector | 223.4 | 232.3 | 269.5 | 305.9 | 301.6 | 343.6 | 340.8 | |||||
| Other items net | -116.7 | -122.5 | -140.7 | -146.7 | -147.8 | -146.7 | -153.8 | |||||
| Memorandum items: | ||||||||||||
| Velocity of broad money | 3.3 | 2.7 | 3.1 | 3.1 | 3.1 | 3.1 | 3.0 | |||||
| Velocity of broad money (GDP excluding, extractive industries) | 2.5 | 2.2 | 2.2 | 2.1 | 2.0 | 2.1 | 2.0 | |||||
| Credit to the private sector (percent of GDP) | 28.0 | 30.7 | 28.3 | 27.9 | 26.6 | 27.8 | 26.8 | |||||
| Net foreign assets of banks (in millions of U.S. dollars) | -74.8 | -18.9 | -13.8 | -3.8 | 4.3 | 6.2 | 9.3 | |||||
Mauritania: Banking System at a Glance, 2008–11
(Percent, unless otherwise indicated)
Liquid assets: cash, reserves, and treasury bills.
Mauritania: Banking System at a Glance, 2008–11
(Percent, unless otherwise indicated)
| 2008 | 2009 | 2010 | 2011 | ||
|---|---|---|---|---|---|
| Est. | June | ||||
| Balance sheet | |||||
| Assets (percent of non-oil GDP) | 45.2 | 52.5 | 46.6 | 47.5 | |
| Private-sector credit / total assets | 62.0 | 58.3 | 60.7 | 57.1 | |
| Public enterprise credit / total assets | 15.0 | 13.1 | 13.0 | - | |
| Government securities / total assets | 14.7 | 13.6 | 15.8 | 14.8 | |
| Private-sector credit growth (y-o-y) | 23.6 | 4.0 | 16.0 | 13.3 | |
| Nonperforming loans / gross loans | 26.4 | 27.7 | 28.7 | 29.7 | |
| Provisions / nonperforming loans | 84.1 | 85.2 | 87.7 | 88.7 | |
| Uncovered nonperforming loans / gross loans | 4.2 | 4.1 | 3.5 | 3.4 | |
| Deposits / total assets | 47.4 | 49.0 | 49.7 | 50.0 | |
| Private-sector loans / private-sector deposits | 130.9 | 119.2 | 122.1 | 114.3 | |
| Capital ratios | |||||
| Capital / total assets | 14.2 | 14.2 | 14.0 | 16.7 | |
| Capital adequacy ratio | 33.0 | 37.9 | 34.5 | - | |
| Foreign exchange exposure | |||||
| Fx assets / total assets | 5.1 | 8.4 | 7.0 | 6.7 | |
| Fx assets / fx liabilities (on balance sheet) | 75.0 | 123.7 | 112.1 | 126.7 | |
| Profitability and liquidity | |||||
| Return on assets | 1.9 | 1.4 | 0.4 | - | |
| Return on equity | 10.7 | 8.5 | 2.7 | - | |
| Liquid assets / total assets 1/ | 26.4 | 25.4 | 24.8 | 24.6 | |
| Memorandum items: | |||||
| Share of assets held by three largest banks | 53.4 | 53.6 | 53.7 | 52.3 | |
| Number of banks | 10.0 | 10.0 | 10.0 | 12.0 | |
| Private sector credit / GDP | 26.2 | 29.2 | 27.0 | - | |
Liquid assets: cash, reserves, and treasury bills.
Mauritania: Banking System at a Glance, 2008–11
(Percent, unless otherwise indicated)
| 2008 | 2009 | 2010 | 2011 | ||
|---|---|---|---|---|---|
| Est. | June | ||||
| Balance sheet | |||||
| Assets (percent of non-oil GDP) | 45.2 | 52.5 | 46.6 | 47.5 | |
| Private-sector credit / total assets | 62.0 | 58.3 | 60.7 | 57.1 | |
| Public enterprise credit / total assets | 15.0 | 13.1 | 13.0 | - | |
| Government securities / total assets | 14.7 | 13.6 | 15.8 | 14.8 | |
| Private-sector credit growth (y-o-y) | 23.6 | 4.0 | 16.0 | 13.3 | |
| Nonperforming loans / gross loans | 26.4 | 27.7 | 28.7 | 29.7 | |
| Provisions / nonperforming loans | 84.1 | 85.2 | 87.7 | 88.7 | |
| Uncovered nonperforming loans / gross loans | 4.2 | 4.1 | 3.5 | 3.4 | |
| Deposits / total assets | 47.4 | 49.0 | 49.7 | 50.0 | |
| Private-sector loans / private-sector deposits | 130.9 | 119.2 | 122.1 | 114.3 | |
| Capital ratios | |||||
| Capital / total assets | 14.2 | 14.2 | 14.0 | 16.7 | |
| Capital adequacy ratio | 33.0 | 37.9 | 34.5 | - | |
| Foreign exchange exposure | |||||
| Fx assets / total assets | 5.1 | 8.4 | 7.0 | 6.7 | |
| Fx assets / fx liabilities (on balance sheet) | 75.0 | 123.7 | 112.1 | 126.7 | |
| Profitability and liquidity | |||||
| Return on assets | 1.9 | 1.4 | 0.4 | - | |
| Return on equity | 10.7 | 8.5 | 2.7 | - | |
| Liquid assets / total assets 1/ | 26.4 | 25.4 | 24.8 | 24.6 | |
| Memorandum items: | |||||
| Share of assets held by three largest banks | 53.4 | 53.6 | 53.7 | 52.3 | |
| Number of banks | 10.0 | 10.0 | 10.0 | 12.0 | |
| Private sector credit / GDP | 26.2 | 29.2 | 27.0 | - | |
Liquid assets: cash, reserves, and treasury bills.
Mauritania: Indicators of Capacity to Repay the Fund, 2012–16
Mauritania: Indicators of Capacity to Repay the Fund, 2012–16
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Projections | ||||||||||
| Payments to the Fund based on existing credit | (In millions of SDRs) | |||||||||
| Principal | 1.0 | 2.9 | 3.2 | 4.9 | 11.8 | 12.5 | 10.6 | 10.3 | 8.6 | |
| Charges and interest | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | |
| Payments to the Fund based on existing and prospective credit | (In millions of SDRs) | |||||||||
| Principal | 1.0 | 2.9 | 3.2 | 4.9 | 11.8 | 17.6 | 22.6 | 24.0 | 22.3 | |
| Charges and interest | 0.5 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | 0.4 | |
| Total payments to the Fund based on existing and prospective credit | ||||||||||
| In millions of SDRs | 1.5 | 3.5 | 3.8 | 5.5 | 12.4 | 18.2 | 23.1 | 24.5 | 22.7 | |
| In millions of US$ | 2.3 | 5.3 | 5.8 | 8.4 | 18.9 | 27.8 | 35.3 | 37.3 | 34.6 | |
| In percent of exports of goods and services | 0.0 | 0.1 | 0.1 | 0.2 | 0.4 | 0.5 | 0.6 | 0.6 | 0.5 | |
| In percent of debt service | 0.9 | 1.7 | 1.6 | 2.3 | 5.4 | 7.8 | 10.2 | 10.4 | 9.3 | |
| In percent of GDP | 0.0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.4 | 0.4 | 0.3 | |
| In percent of Gross International Reserves | 0.3 | 0.6 | 0.7 | 0.9 | 1.8 | 2.4 | 2.7 | 2.5 | 2.2 | |
| In percent of quota | 2.4 | 5.5 | 5.9 | 8.6 | 19.2 | 28.2 | 35.9 | 38.0 | 35.2 | |
| Outstanding Fund credit | ||||||||||
| In millions of SDRs | 117.9 | 132.1 | 128.9 | 124.0 | 112.2 | 94.6 | 72.0 | 48.0 | 25.7 | |
| In millions of US$ | 179.2 | 201.0 | 196.4 | 189.2 | 171.3 | 144.4 | 109.9 | 73.3 | 39.2 | |
| In percent of exports of goods and services | 3.6 | 4.1 | 4.2 | 4.1 | 3.5 | 2.8 | 2.0 | 1.2 | 0.6 | |
| In percent of debt service | 71.2 | 65.2 | 53.3 | 51.8 | 48.8 | 40.8 | 31.7 | 20.3 | 10.5 | |
| In percent of GDP | 2.6 | 2.8 | 2.6 | 2.4 | 2.1 | 1.6 | 1.1 | 0.7 | 0.3 | |
| In percent of Gross International Reserves | 22.9 | 24.0 | 23.0 | 21.2 | 16.5 | 12.2 | 8.3 | 5.0 | 2.4 | |
| In percent of quota | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Net use of Fund credit (in millions of SDRs) | 21.1 | 8.1 | -3.2 | -4.9 | -11.8 | -17.6 | -22.6 | -24.0 | -22.3 | |
| Disbursements | 22.1 | 11.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Repayments | 1.0 | 2.9 | 3.2 | 4.9 | 11.8 | 17.6 | 22.6 | 24.0 | 22.3 | |
| Memorandum items: | ||||||||||
| Exports of goods and services (in millions of US$) | 3239.9 | 3201.6 | 3105.7 | 3060.1 | 3185.0 | 3400.4 | 3630.7 | 3876.8 | 4176.2 | |
| Debt service (in millions of US$) | 165.6 | 202.5 | 241.7 | 239.2 | 230.0 | 231.7 | 226.9 | 235.9 | 245.2 | |
| Nominal GDP (in millions of US$) | 4538.3 | 4713.3 | 4875.4 | 5111.5 | 5463.1 | 5900.8 | 6365.1 | 6856.9 | 7376.6 | |
| Gross international reserves (in millions of US$) | 513.8 | 550.4 | 560.2 | 585.1 | 678.7 | 772.4 | 866.0 | 959.6 | 1053.2 | |
| Quota (millions of SDRs) | 64.4 | 64.4 | 64.4 | 64.4 | 64.4 | 64.4 | 64.4 | 64.4 | 64.4 | |
Mauritania: Indicators of Capacity to Repay the Fund, 2012–16
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Projections | ||||||||||
| Payments to the Fund based on existing credit | (In millions of SDRs) | |||||||||
| Principal | 1.0 | 2.9 | 3.2 | 4.9 | 11.8 | 12.5 | 10.6 | 10.3 | 8.6 | |
| Charges and interest | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | |
| Payments to the Fund based on existing and prospective credit | (In millions of SDRs) | |||||||||
| Principal | 1.0 | 2.9 | 3.2 | 4.9 | 11.8 | 17.6 | 22.6 | 24.0 | 22.3 | |
| Charges and interest | 0.5 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | 0.4 | |
| Total payments to the Fund based on existing and prospective credit | ||||||||||
| In millions of SDRs | 1.5 | 3.5 | 3.8 | 5.5 | 12.4 | 18.2 | 23.1 | 24.5 | 22.7 | |
| In millions of US$ | 2.3 | 5.3 | 5.8 | 8.4 | 18.9 | 27.8 | 35.3 | 37.3 | 34.6 | |
| In percent of exports of goods and services | 0.0 | 0.1 | 0.1 | 0.2 | 0.4 | 0.5 | 0.6 | 0.6 | 0.5 | |
| In percent of debt service | 0.9 | 1.7 | 1.6 | 2.3 | 5.4 | 7.8 | 10.2 | 10.4 | 9.3 | |
| In percent of GDP | 0.0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.4 | 0.4 | 0.3 | |
| In percent of Gross International Reserves | 0.3 | 0.6 | 0.7 | 0.9 | 1.8 | 2.4 | 2.7 | 2.5 | 2.2 | |
| In percent of quota | 2.4 | 5.5 | 5.9 | 8.6 | 19.2 | 28.2 | 35.9 | 38.0 | 35.2 | |
| Outstanding Fund credit | ||||||||||
| In millions of SDRs | 117.9 | 132.1 | 128.9 | 124.0 | 112.2 | 94.6 | 72.0 | 48.0 | 25.7 | |
| In millions of US$ | 179.2 | 201.0 | 196.4 | 189.2 | 171.3 | 144.4 | 109.9 | 73.3 | 39.2 | |
| In percent of exports of goods and services | 3.6 | 4.1 | 4.2 | 4.1 | 3.5 | 2.8 | 2.0 | 1.2 | 0.6 | |
| In percent of debt service | 71.2 | 65.2 | 53.3 | 51.8 | 48.8 | 40.8 | 31.7 | 20.3 | 10.5 | |
| In percent of GDP | 2.6 | 2.8 | 2.6 | 2.4 | 2.1 | 1.6 | 1.1 | 0.7 | 0.3 | |
| In percent of Gross International Reserves | 22.9 | 24.0 | 23.0 | 21.2 | 16.5 | 12.2 | 8.3 | 5.0 | 2.4 | |
| In percent of quota | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Net use of Fund credit (in millions of SDRs) | 21.1 | 8.1 | -3.2 | -4.9 | -11.8 | -17.6 | -22.6 | -24.0 | -22.3 | |
| Disbursements | 22.1 | 11.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Repayments | 1.0 | 2.9 | 3.2 | 4.9 | 11.8 | 17.6 | 22.6 | 24.0 | 22.3 | |
| Memorandum items: | ||||||||||
| Exports of goods and services (in millions of US$) | 3239.9 | 3201.6 | 3105.7 | 3060.1 | 3185.0 | 3400.4 | 3630.7 | 3876.8 | 4176.2 | |
| Debt service (in millions of US$) | 165.6 | 202.5 | 241.7 | 239.2 | 230.0 | 231.7 | 226.9 | 235.9 | 245.2 | |
| Nominal GDP (in millions of US$) | 4538.3 | 4713.3 | 4875.4 | 5111.5 | 5463.1 | 5900.8 | 6365.1 | 6856.9 | 7376.6 | |
| Gross international reserves (in millions of US$) | 513.8 | 550.4 | 560.2 | 585.1 | 678.7 | 772.4 | 866.0 | 959.6 | 1053.2 | |
| Quota (millions of SDRs) | 64.4 | 64.4 | 64.4 | 64.4 | 64.4 | 64.4 | 64.4 | 64.4 | 64.4 | |
Mauritania: Selected Economic and Financial Indicators, 2008–16
Excluding the oil account.
Defined as government non-oil revenue (excluding grants) minus government expenditure (excluding foreign-financed investment expenditure and interest on external debt).
Mauritania: Selected Economic and Financial Indicators, 2008–16
| 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | 2012 | 2013 | 2014 | 2015 | 2016 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | CR/11/189 | Proj. | CR/11/189 | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| (Percent; unless otherwise indicated) | |||||||||||||
| National income and prices (y-o-y growth) | |||||||||||||
| GDP at constant prices | 3.5 | -1.2 | 5.2 | 5.1 | 4.8 | 5.7 | 5.5 | 6.2 | 5.6 | 5.5 | 5.5 | ||
| Non-oil GDP at constant prices | 3.9 | -1.1 | 5.7 | 5.3 | 4.9 | 5.8 | 5.6 | 6.2 | 5.6 | 5.5 | 5.5 | ||
| GDP excl. extractive industries at constant prices | 3.4 | -1.1 | 5.7 | 5.2 | 5.1 | 5.3 | 5.0 | 5.9 | 5.3 | 5.5 | 5.5 | ||
| Oil production (1000 barrels per day) | 12.1 | 10.7 | 8.3 | 7.5 | 8.0 | 7.5 | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 | ||
| GDP deflator | 12.4 | -5.9 | 19.3 | 9.4 | 13.9 | 5.9 | 5.5 | 1.1 | 0.8 | 1.9 | 3.6 | ||
| Non-oil GDP deflator | 13.0 | -3.9 | 19.0 | 9.2 | 13.5 | 6.2 | 6.1 | 1.4 | 1.1 | 2.2 | 3.8 | ||
| GDP excl. extractive industries deflator | 7.1 | 1.0 | 6.6 | 5.9 | 4.1 | 5.5 | 4.2 | 5.0 | 5.1 | 5.1 | 5.0 | ||
| Consumer price index (period average) | 7.3 | 2.2 | 6.3 | 7.3 | 5.9 | 6.7 | 6.8 | 6.5 | 6.1 | 5.7 | 5.3 | ||
| Consumer price index (end of period) | 3.9 | 5.0 | 6.1 | 7.5 | 6.7 | 6.6 | 6.8 | 6.3 | 5.9 | 5.5 | 5.1 | ||
| External sector | |||||||||||||
| Value growth of exports of goods, f.o.b. | 27.5 | -23.7 | 52.0 | 37.5 | 38.2 | 7.4 | 6.2 | -1.4 | -3.4 | -1.8 | 4.1 | ||
| Value growth of imports of goods, f.o.b. | 21.8 | -27.2 | 39.1 | 27.5 | 20.2 | 10.7 | 7.8 | 1.7 | 0.5 | -1.7 | 3.6 | ||
| Current account balance (in percent of GDP) | -14.8 | -10.7 | -8.8 | -7.5 | -5.3 | -9.2 | -7.2 | -8.7 | -11.0 | -9.8 | -7.4 | ||
| Gross official reserves 1/ | |||||||||||||
| In millions of U.S. dollars, end of period | 194.9 | 238.5 | 287.8 | 395.1 | 445.2 | 441.3 | 513.8 | 550.4 | 560.2 | 585.1 | 678.7 | ||
| In months of following year’s imports excluding extractive industries | 2.2 | 2.4 | 2.5 | 2.7 | 3.6 | 3.0 | 4.2 | 4.5 | 4.7 | 4.7 | 4.9 | ||
| PPG external debt (percent of GDP) | 80.8 | 91.9 | 76.8 | 54.8 | 50.7 | 55.8 | 51.9 | 56.2 | 56.9 | 57.0 | 53.8 | ||
| Money | |||||||||||||
| Money and quasi-money (percentage change) | 13.7 | 14.9 | 12.9 | 13.3 | 19.4 | 13.3 | 13.2 | 14.1 | 13.2 | 13.7 | 13.7 | ||
| Credit to the private sector (percentage change) | 28.9 | 3.7 | 14.2 | 12.8 | 11.3 | 11.7 | 12.4 | 12.8 | 12.3 | 12.1 | 12.1 | ||
| Investment and savings | |||||||||||||
| Gross investment (percentage of GDP) | 27.3 | 24.6 | 24.5 | 25.7 | 29.7 | 27.3 | 33.2 | 33.4 | 31.9 | 27.6 | 26.6 | ||
| Gross savings (percentage of GDP) | 12.5 | 13.9 | 15.7 | 18.2 | 24.5 | 18.1 | 26.0 | 24.6 | 20.9 | 17.9 | 19.2 | ||
| (Percent of non-oil GDP; unless otherwise indicated) | |||||||||||||
| Consolidated government operations | |||||||||||||
| Basic non-oil balance; program definition 2/ | -7.7 | -5.3 | -2.4 | -1.6 | -1.0 | -0.8 | -0.7 | -0.1 | 0.3 | 0.5 | 1.8 | ||
| Overall balance including grants | -7.0 | -5.4 | -2.0 | -2.8 | -2.3 | -4.1 | -3.4 | -2.8 | -2.5 | -1.2 | 0.1 | ||
| Public sector debt (percent of GDP) | 90.6 | 101.5 | 86.2 | 63.1 | 58.4 | 63.7 | 59.5 | 63.7 | 64.7 | 64.9 | 60.7 | ||
| Memorandum items: | |||||||||||||
| Nominal GDP (in billions of UM) | 854.0 | 794.2 | 997.0 | 1147.0 | 1190.0 | 1284.0 | 1324.1 | 1421.0 | 1512.2 | 1625.4 | 1775.1 | ||
| GDP per capita (in U.S. dollars) | 1123.1 | 940.1 | 1099.0 | 3999.0 | 1250.2 | 4322.0 | 1310.8 | 1329.5 | 1343.0 | 1375.0 | 1435.1 | ||
| Price of iron ore (US$/Ton) | 61.6 | 80.0 | 146.7 | 182.8 | 176.9 | 172.5 | 169.5 | 147.0 | 127.0 | 122.0 | 122.0 | ||
Excluding the oil account.
Defined as government non-oil revenue (excluding grants) minus government expenditure (excluding foreign-financed investment expenditure and interest on external debt).
Mauritania: Selected Economic and Financial Indicators, 2008–16
| 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | 2012 | 2013 | 2014 | 2015 | 2016 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | CR/11/189 | Proj. | CR/11/189 | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| (Percent; unless otherwise indicated) | |||||||||||||
| National income and prices (y-o-y growth) | |||||||||||||