An International Monetary Fund (IMF) team led by Mr. Eric Mottu visited Nouakchott during February 27-March 11, 2020 to discuss the fifth review of the economic and financial program supported by a three-year arrangement under the IMF’s Extended Credit Facility (ECF) approved by the IMF Executive Board on December 6, 2017 (Press Release No. 17/468) for a total amount of SDR 115.92 million (about US$161.4 million at current exchange rates). At the end of the visit, Mr. Mottu made the following statement:
“The IMF team and the Mauritanian authorities had constructive discussions on economic policies and reforms to ensure macroeconomic stability, foster inclusive growth and reduce social inequalities and poverty. We reached a staff-level agreement on the fifth review of the economic program supported by the IMF’s ECF. Completion of the review is subject to the approval of the IMF’s management and Executive Board. Mauritania will benefit from a sixth disbursement of SDR 16.56 million (about US$23.1 million) following the Executive Board’s review scheduled for June 2020.
“Mauritania’s performance under the program continues to be strong. The authorities are implementing prudent policies and advancing with reforms. Economic growth accelerated last year to close to 6 percent, driven by buoyant activity in both extractive and non-extractive sectors and favorable terms of trade. Macroeconomic stability was maintained and debt sustainability was strengthened. Inflation remained low at 2.3 percent on an annual average in 2019. International reserves of the central bank reached $1,136 million at end-December (about 5.3 months of non-extractive imports), up from $918 million a year earlier. The budget yielded a sizable surplus and as a result the external public debt-to-GDP ratio declined.
Press Release from the IMF: