Abstract
The 2012 Article IV Consultation and Fourth Review under the three-year Extended Credit Facility (ECF) Arrangement discusses the macroeconomic conditions of the Islamic Republic of Mauritania. Mauritania’s economy has performed well in 2011, despite significant challenges. Economic activity is likely to pick up and inflation to remain low. However, Mauritania faces important short- and medium-term policy challenges, notably in the social area, where progress in reducing poverty has been slow and unemployment is still high. The performance under the ECF-supported program has remained strong.
ANNEX I. Relations with the Fund
As of May 31, 2012
I. Membership Status: Joined: September 10, 1963 Article VIII
II. General Resources Account
| SDR Million | % Quota | |
|---|---|---|
| Quota | 64.40 | 100.00 |
| Fund holdings of currency | 64.40 | 100.00 |
| Reserve Position | 0.00 | 0.00 |
| SDR Million | % Quota | |
|---|---|---|
| Quota | 64.40 | 100.00 |
| Fund holdings of currency | 64.40 | 100.00 |
| Reserve Position | 0.00 | 0.00 |
III. SDR Department
| SDR Million | % Allocation | |
|---|---|---|
| Net cumulative allocation | 61.67 | 100.00 |
| Holdings | 0.94 | 1.53 |
| SDR Million | % Allocation | |
|---|---|---|
| Net cumulative allocation | 61.67 | 100.00 |
| Holdings | 0.94 | 1.53 |
IV. Outstanding Purchases and Loans
| SDR Million | % Quota | |
|---|---|---|
| ECF Arrangements | 54.47 | 84.58 |
| SDR Million | % Quota | |
|---|---|---|
| ECF Arrangements | 54.47 | 84.58 |
V. Latest Financial Arrangements
| Type | Approval | Expiration | Amount Approved | Amount Disbursed |
|---|---|---|---|---|
| Date | Date | (SDR Million) | (SDR Million) | |
| ECF | Mar 15, 2010 | Mar 14, 2013 | 77.28 | 44.16 |
| PRGF | Dec 18, 2006 | Nov 01, 20091 | 16.10 | 10.31 |
| PRGF | Jul 18, 2003 | Nov 07, 20045 | 6.44 | 0.92 |
| Type | Approval | Expiration | Amount Approved | Amount Disbursed |
|---|---|---|---|---|
| Date | Date | (SDR Million) | (SDR Million) | |
| ECF | Mar 15, 2010 | Mar 14, 2013 | 77.28 | 44.16 |
| PRGF | Dec 18, 2006 | Nov 01, 20091 | 16.10 | 10.31 |
| PRGF | Jul 18, 2003 | Nov 07, 20045 | 6.44 | 0.92 |
VI. Projected Payments to Fund
(In millions of SDRs; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | |
| Principal | 0.7 | 1.9 | 2.1 | 3.2 | 7.6 |
| Charges/Interest | 0.0 | 0.1 | 0.2 | 0.2 | 0.2 |
| Total | 0.7 | 2.0 | 2.3 | 3.4 | 7.8 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | |
| Principal | 0.7 | 1.9 | 2.1 | 3.2 | 7.6 |
| Charges/Interest | 0.0 | 0.1 | 0.2 | 0.2 | 0.2 |
| Total | 0.7 | 2.0 | 2.3 | 3.4 | 7.8 |
VII. Implementation of HIPC Initiative
Enhanced
| Framework | ||||
| I | Commitment of HIPC assistance | |||
| Decision point date | Feb. 2000 | |||
| Assistance committed by all creditors ($millions)6 | 622.00 | |||
| Of which: IMF assistance ($millions) | 46.76 | |||
| (SDR equivalent in millions) | 34.80 | |||
| Completion point date | Jun. 2002 | |||
| II. | Disbursement of IMF assistance (SDR millions) | |||
| Assistance disbursed to the member | 34.80 | |||
| Interim assistance | 16.88 | |||
| Completion point balance | 17.92 | |||
| Additional disbursement of interest income7 | 3.63 | |||
| Total disbursements | 38.43 | |||
| Framework | ||||
| I | Commitment of HIPC assistance | |||
| Decision point date | Feb. 2000 | |||
| Assistance committed by all creditors ($millions)6 | 622.00 | |||
| Of which: IMF assistance ($millions) | 46.76 | |||
| (SDR equivalent in millions) | 34.80 | |||
| Completion point date | Jun. 2002 | |||
| II. | Disbursement of IMF assistance (SDR millions) | |||
| Assistance disbursed to the member | 34.80 | |||
| Interim assistance | 16.88 | |||
| Completion point balance | 17.92 | |||
| Additional disbursement of interest income7 | 3.63 | |||
| Total disbursements | 38.43 | |||
Decision point—point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.
Interim assistance—amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).
Completion point—point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in the footnote above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).
VIII. Implementation of MDRI Assistance
| I. Total Debt Relief (SDR million)8 | 32.91 | ||
| Of which: MDRI | 30.23 | ||
| HIPC | 2.68 | ||
| I. Total Debt Relief (SDR million)8 | 32.91 | ||
| Of which: MDRI | 30.23 | ||
| HIPC | 2.68 | ||
II. Debt Relief by Facility (SDR Million):
| Eligible Debt | |||
| Delivery Date | GRA | PRGF | Total |
| June 2006 | n/a | 32.91 | 32.91 |
| Eligible Debt | |||
| Delivery Date | GRA | PRGF | Total |
| June 2006 | n/a | 32.91 | 32.91 |
IX. Safeguards Assessments
An update safeguards assessment of the Central Bank of Mauritania (CBM) was completed on April 30, 2010, highlighting that significant risks continued to exist. Since the completion of the safeguards assessment, the General Council was restored, timely publication of the audited financial statements resumed, and cash operations of the CBM foreign offices ceased—all key safeguard priorities. Further action is needed on developing capacity in the areas of financial reporting, information systems, and internal audit. To ensure the quality of program monetary data, external audits are conducted every six months at the time of program reviews. There are currently no plans to establish an audit committee or require the General Council to fulfill its oversight responsibilities.
X. AML/CFT
Mauritania recently changed its legal framework criminalizing money laundering and the financing of terrorism with a view to enhance compliance with international standards. The Financial Action Task Force for the MENA region (MENAFATF) has adopted Mauritania’s 5th follow-up report to the initial 2006 mutual evaluation report without expressing any serious concern in April this year.
A financial intelligence unit (“Commission d’analyse des informations financières”), composed of experts from various ministries and the CBM, has been operational since 2006 and is responsible for analyzing suspicious transaction reports. To date, the unit has processed 54 reports, of which two ultimately led to criminal convictions. The authorities are currently receiving technical assistance from the World Bank.
XI. Exchange Rate Arrangement
The Mauritanian currency is the ouguiya (UM), and its de facto exchange rate classification is “other managed arrangement” with no pre-announced path. The rationing of foreign exchange introduced in late 2008 ended in mid-December 2009, thus allowing for greater exchange rate flexibility and removing all restrictions on current account transactions. Fish export receipts are subject to a repatriation requirement, under which the foreign exchange-denominated receipts have to be domiciled in an account at the CBM. Fish exporters remain otherwise unrestricted in their use of the foreign exchange receipts. All foreign exchange purchases and sales in excess of $100,000 by residents have to go through the foreign exchange market organized by the CBM.
XII. Last Article IV Consultation
Discussions for the 2009 Article IV consultation were held in Nouakchott during December 2-17, 2009. The Country Report No. 10/34 was considered by the Executive Board on March 15, 2010.
XIII. FSAP Participation, ROSCs and Offshore Financial Center (OFC) Assessments
A joint Fund/Bank FSSA, based on work undertaken during two visits to Mauritania in February 2005 and February-March 2006 as part of the Financial Sector Assessment Program (FSAP), was presented to the Executive Board in April 2006. As updated by subsequent Article IV and review missions, its main findings are:
The financial sector, while not exhibiting any sign of distress, does not support economic development and presents significant challenges.
Banks are vulnerable and inefficient; they primarily serve their affiliated economic groups.
Nonbank financial intermediaries are underdeveloped; microfinance has increased, requiring more intensive supervision.
Financial sector regulation and enforcement need to be improved, recent progress notwithstanding.
The financial sector infrastructure—legal and judicial frameworks, accounting and auditing practices, and the payment system—needs to be modernized.
Some recommendations have already been implemented, including: bringing domestic financial sector regulation more in line with international standards and gradually increasing competition in the banking sector by encouraging entry of reputable international banks.
The fiscal transparency module of the Report on the Observance of Standards and Codes (ROSC) was based on two missions, conducted from May 14-24, 2002, and from August 6-13, 2002, respectively. The final fiscal ROSC report is published on the IMF website.
XIV. Technical Assistance (since 2005)
1. MCM
TA mission on foreign exchange market issues: January 9 – 23, 2005.
Peripatetic TA missions by panel expert on foreign exchange reserves management: July13 – 26, 2005.
TA mission on money market instruments, March 7 – 19, 2006.
TA mission on foreign exchange market, December 17 – 19, 2006.
TA mission on Central Bank accounting, March 6 – May 4, 2007.
TA mission on securitization of government debt, September 9 – 21, 2007.
TA mission on Central Bank accounting, October 20, 2007 – October 20, 2008.
TA mission on foreign exchange market, April 28 – May 6, 2010.
TA mission on central bank accounting, June 6 – 16, 2011.
TA mission on liquidity management, February 5 – 15, 2012.
Joint WB-IMF TA mission on debt strategy, June 3 – 10, 2012.
2. FAD
TA mission on public expenditure management, April 3 – 19, 2005.
TA mission on fiscal administration reform, June 14 – 18, 2005.
TA mission on tax policy, May 25 – June 8, 2006.
TA mission on customs administration, June 5 – 16, 2006.
TA mission on oil revenue management, October 24 – November 7, 2006.
TA mission on tax administration, March 12 – 23, 2007.
TA mission on tax policy, February 27 – March 11, 2008.
TA mission on single treasury account and cash management plan, May 16 – 30, 2010.
TA mission on tax and customs administration, July 30 – August 12, 2010.
TA mission on tax policy, September 19 – 30, 2010.
TA mission on fiscal and trade tariff systems, February 8 – 22, 2011.
TA on subsidy reform, October 4 – 17, 2011.
TA on tax administration, January 15 – 26, 2012
TA on taxation of the mining sector, April 02 – 16, 2012.
TA on tax administration, April 12 – 27, 2012
TA on customs administration, June 24-July 5, 2012
3. LEG
TA mission on the drafting of laws to combat money laundering and the financing of terrorism, February 23–March 1, 2005.
4. STA
TA consultant on banking and monetary statistics, November 8 – 22, 2005.
TA mission on balance of payments statistics, April 5 – 18, 2006.
TA mission on monetary and financial statistics, July 13 – 26, 2006.
TA mission on National Accounts Statistics, April 16 – 27, 2007.
TA mission monetary and financial statistics, May 11 – 24, 2010.
TA mission on balance of payments statistics, April 10 – 21, 2011.
5. AFRITAC West
Several TA missions in 2005 – 12, including on national accounts and price statistics, tax and customs administration, central government operations, public financial management, public-sector wage bill, debt management, debt statistics, bank supervision, and microfinance supervision and regulation.
XV. Resident Representative
Mr. Najeh is the resident representative in Mauritania since January 2010.
Annex II—Mauritania: Relations with the World Bank Group
(JMAP Implementation Matrix)
| Title | Products | Mission timing | Expected delivery |
| A. Mutual information on relevant work programs | |||
| Bank work program in next 12 months | Public expenditure review validation workshop | July 2012 | July 2012 |
| Preparation of CAS | Spring 2012, various | Dec 2012 | |
| Food crisis response Project | May 2012 | July 2012 | |
| Port of Nouakchott Project | May 2012 | Dec 2013 | |
| Public Sector Capacity Building Project (PRECASP) | Various | March 2014 | |
| State-owned enterprise and public agencies TA | June 2011 | June 2012 | |
| Phase II: EITI Implementation | Various | Oct 2012 | |
| Public Enterprise Audits | Various | Dec 2012 | |
| IMF work program in next 12 months | Staff visit (budget discussions and follow-up on reform implementation) | July 2012 | July 2012 |
| Mining taxation TA | Spring 2012 | Summer 2012 | |
| Foreign exchange market TA | Fall 2012 | Fall 2012 | |
| Follow-up mission on public financial management | Spring 2012 | Spring 2012 | |
| Fifth review under the ECF | September 2012 | November 2012 | |
| Sixth and final review under the ECF | March 2013 | May 2013 | |
| B. Requests for work program inputs | |||
| Fund request to Bank (with summary justification) | Collaborate on LIC DSA | April 2012 | April 2012 |
| C. Agreement on joint products and missions | |||
| Joint products in next 12 months | LIC-DSA | June 2012 | |
| Medium-term debt strategy | June 2012 | ||
| Mining Taxation | |||
| Financial Sector Strategy | |||
| Title | Products | Mission timing | Expected delivery |
| A. Mutual information on relevant work programs | |||
| Bank work program in next 12 months | Public expenditure review validation workshop | July 2012 | July 2012 |
| Preparation of CAS | Spring 2012, various | Dec 2012 | |
| Food crisis response Project | May 2012 | July 2012 | |
| Port of Nouakchott Project | May 2012 | Dec 2013 | |
| Public Sector Capacity Building Project (PRECASP) | Various | March 2014 | |
| State-owned enterprise and public agencies TA | June 2011 | June 2012 | |
| Phase II: EITI Implementation | Various | Oct 2012 | |
| Public Enterprise Audits | Various | Dec 2012 | |
| IMF work program in next 12 months | Staff visit (budget discussions and follow-up on reform implementation) | July 2012 | July 2012 |
| Mining taxation TA | Spring 2012 | Summer 2012 | |
| Foreign exchange market TA | Fall 2012 | Fall 2012 | |
| Follow-up mission on public financial management | Spring 2012 | Spring 2012 | |
| Fifth review under the ECF | September 2012 | November 2012 | |
| Sixth and final review under the ECF | March 2013 | May 2013 | |
| B. Requests for work program inputs | |||
| Fund request to Bank (with summary justification) | Collaborate on LIC DSA | April 2012 | April 2012 |
| C. Agreement on joint products and missions | |||
| Joint products in next 12 months | LIC-DSA | June 2012 | |
| Medium-term debt strategy | June 2012 | ||
| Mining Taxation | |||
| Financial Sector Strategy | |||
Annex III. Islamic Republic of Mauritania—Statistical Issues
As of May 31, 2012
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. Most affected areas are: national accounts, balance of payments, external debt, and financial sector statistics. Since 2005, STA and AFRITAC West have been assisting the authorities with macroeconomic statistics. | |
| National accounts: Substantial work is still required to implement the statistical methodologies of the 1993 System of National Accounts (1993 SNA) and rebase constant price estimates to 1998. The National Statistical Office (ONS) has finalized estimates for 1998–2001 and produced provisional estimates for 2002-06. The ONS has completed the 2009 estimates and is working on 2010-2011. AFRITAC West is providing technical assistance. | |
| Price statistics: The current edition of the consumer price index (CPI), developed with the assistance of AFRISTAT, has been published since May 2004. Geographical coverage of the CPI is limited to Nouakchott, the capital. The authorities plan to overhaul the consumer basket that underlies the CPI this year. | |
| Government finance statistics: The adoption of systematic compilation practices has improved data comprehensiveness, but there is a need to operationalize a data validation process as a quality control measure. In view of ongoing methodological improvements, the authorities should publish monthly statements of treasury accounts. Substantial work is needed to move towards GFS2001. | |
| Monetary statistics: CBM monetary statistics are broadly in line with the statistical methodologies of the Monetary and Financial Statistics Manual and data dissemination recommendations of the GDDS. The CBM developed and implemented bridge tables from source data to the Standardized Report Form (SRFs) and since last year submits SRF 1SR (central bank) and 2SR (other financial institutions) to STA on a preliminary basis. The quality of these data needs to be further enhanced, and the scope of 2SR should be expanded to cover micro-finance institutions. With the assistance of an external audit firm, the CBM is preparing its financial reporting system for IFRS implementation in 2012, a key safeguards assessment recommendation. The CBM is committed to publish monetary statistics on its official website in a timely manner. | |
| Balance of payments: Balance of payments statistics are affected by significant shortcomings, as many components are routinely based on estimates, and there are no systematic efforts to collect data on certain types of transfers, foreign direct investment, or tourism receipts. In addition non mining exports, services and short-term capital flows are not well measured. Similarly, under-reporting of external transactions by commercial banks is problematic. No balance of payments statistics are reported to STA. An April 2011 STA TA mission provided recommendations, which, if implemented by the authorities, would significantly address identified shortcomings. | |
| II. Data Standards and Quality | |
| Participant in the General Data Dissemination System (GDDS). Metadata need to be updated. | No data ROSC is available. |
| III. Reporting to STA (Optional) | |
| Mauritania does not report government finance statistics to STA. Monetary data using SRFs 1SR and 2SR are reported on a preliminary basis. The CBM also reports monetary data based on its own template to the International Financial Statistics database. | |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. Most affected areas are: national accounts, balance of payments, external debt, and financial sector statistics. Since 2005, STA and AFRITAC West have been assisting the authorities with macroeconomic statistics. | |
| National accounts: Substantial work is still required to implement the statistical methodologies of the 1993 System of National Accounts (1993 SNA) and rebase constant price estimates to 1998. The National Statistical Office (ONS) has finalized estimates for 1998–2001 and produced provisional estimates for 2002-06. The ONS has completed the 2009 estimates and is working on 2010-2011. AFRITAC West is providing technical assistance. | |
| Price statistics: The current edition of the consumer price index (CPI), developed with the assistance of AFRISTAT, has been published since May 2004. Geographical coverage of the CPI is limited to Nouakchott, the capital. The authorities plan to overhaul the consumer basket that underlies the CPI this year. | |
| Government finance statistics: The adoption of systematic compilation practices has improved data comprehensiveness, but there is a need to operationalize a data validation process as a quality control measure. In view of ongoing methodological improvements, the authorities should publish monthly statements of treasury accounts. Substantial work is needed to move towards GFS2001. | |
| Monetary statistics: CBM monetary statistics are broadly in line with the statistical methodologies of the Monetary and Financial Statistics Manual and data dissemination recommendations of the GDDS. The CBM developed and implemented bridge tables from source data to the Standardized Report Form (SRFs) and since last year submits SRF 1SR (central bank) and 2SR (other financial institutions) to STA on a preliminary basis. The quality of these data needs to be further enhanced, and the scope of 2SR should be expanded to cover micro-finance institutions. With the assistance of an external audit firm, the CBM is preparing its financial reporting system for IFRS implementation in 2012, a key safeguards assessment recommendation. The CBM is committed to publish monetary statistics on its official website in a timely manner. | |
| Balance of payments: Balance of payments statistics are affected by significant shortcomings, as many components are routinely based on estimates, and there are no systematic efforts to collect data on certain types of transfers, foreign direct investment, or tourism receipts. In addition non mining exports, services and short-term capital flows are not well measured. Similarly, under-reporting of external transactions by commercial banks is problematic. No balance of payments statistics are reported to STA. An April 2011 STA TA mission provided recommendations, which, if implemented by the authorities, would significantly address identified shortcomings. | |
| II. Data Standards and Quality | |
| Participant in the General Data Dissemination System (GDDS). Metadata need to be updated. | No data ROSC is available. |
| III. Reporting to STA (Optional) | |
| Mauritania does not report government finance statistics to STA. Monetary data using SRFs 1SR and 2SR are reported on a preliminary basis. The CBM also reports monetary data based on its own template to the International Financial Statistics database. | |
Table of Common Indicators Required for Surveillance
As of May 2012
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I), Not Available (NA).
Preliminary.
Table of Common Indicators Required for Surveillance
As of May 2012
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | Apr. 2012 | May 2012 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Apr. 2012 | May 2012 | M | M | NA |
| Reserve/Base Money | Apr. 2012 | May 2012 | M | M | NA |
| Broad Money | Apr. 2012 | May 2012 | M | M | NA |
| Central Bank Balance Sheet | Apr. 2012 | May 2012 | M | M | NA |
| Consolidated Balance Sheet of the Banking System | Apr. 2012 | May 2012 | M | M | NA |
| Interest Rates2 | Apr. 2012 | May 2012 | W | W | I |
| Consumer Price Index | Apr. 2012 | May 2012 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | NA | NA | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | Mar. 2012 | Apr. 2012 | M | M | I |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Mar. 2012 | Apr. 2012 | M | M | I |
| External Current Balance | Dec. 2011 | Mar. 2012 | Q | Q | I |
| Exports and Imports of Goods and Services | Dec. 2011 | Mar. 2012 | Q | Q | I |
| GDP/GNP | 2011 7 | May 2012 | A | A | I |
| Gross External Debt | Mar. 2012 | Apr. 2012 | M | M | I |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I), Not Available (NA).
Preliminary.
Table of Common Indicators Required for Surveillance
As of May 2012
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | Apr. 2012 | May 2012 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Apr. 2012 | May 2012 | M | M | NA |
| Reserve/Base Money | Apr. 2012 | May 2012 | M | M | NA |
| Broad Money | Apr. 2012 | May 2012 | M | M | NA |
| Central Bank Balance Sheet | Apr. 2012 | May 2012 | M | M | NA |
| Consolidated Balance Sheet of the Banking System | Apr. 2012 | May 2012 | M | M | NA |
| Interest Rates2 | Apr. 2012 | May 2012 | W | W | I |
| Consumer Price Index | Apr. 2012 | May 2012 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | NA | NA | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | Mar. 2012 | Apr. 2012 | M | M | I |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Mar. 2012 | Apr. 2012 | M | M | I |
| External Current Balance | Dec. 2011 | Mar. 2012 | Q | Q | I |
| Exports and Imports of Goods and Services | Dec. 2011 | Mar. 2012 | Q | Q | I |
| GDP/GNP | 2011 7 | May 2012 | A | A | I |
| Gross External Debt | Mar. 2012 | Apr. 2012 | M | M | I |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I), Not Available (NA).
Preliminary.
Cancellation date.
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. These two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
The Multilateral Debt Relief Initiative (MDRI) provides 100 percent debt relief to eligible member countries that are qualified for the assistance. The debt relief covers the full stock of debt owed to the Fund as of end-2004, which remains outstanding at the time the member qualifies for such debt relief. The MDRI is financed by bilateral contributions and the Fund's own resources, as well as the resources already disbursed to the member under the HIPC Initiative (see Section VII above).