IMF Reaches Staff-Level Agreement with Mauritania on a Three-Year Arrangement Under the Extended Credit Facility
IMF News, November 10, 2017
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Bibliographic details
- Published: November 10, 2017
Agreement summary
- Press Release No. 17/434; November 10, 2017.
- An IMF staff team led by Mr. Eric Mottu held discussions with the Mauritanian authorities from September 25 to October 6 in Nouakchott and subsequently in Washington.
- The IMF team reached a staff-level agreement ad referendum with the Mauritanian authorities for a three-year arrangement under the Extended Credit Facility (ECF).
- The staff-level agreement is subject to approval from IMF management and the IMF’s Executive Board, expected in December 2017.
- Under the arrangement, Mauritania would have access to IMF credit of up to SDR 115.920 million, or about US$ 162.8 million over three years.
Program objectives
- Foster inclusive and diversified growth to improve the population’s living standards.
- Maintain macroeconomic stability.
- Restore debt sustainability.
- Reduce poverty.
- Support implementation of the authorities’ strategy for Accelerated Growth and Shared Prosperity (SCAPP) for 2017–30.
- Catalyze support from development partners to help implement the SCAPP.
Policy measures and reforms supported
- Continued gradual fiscal consolidation to strengthen debt sustainability.
- Create fiscal space for higher social spending and infrastructure investment through:
- Revenue mobilization.
- Expenditure prioritization.
- Public investment management reforms.
- Introduction of a competitive foreign exchange market and a modernized monetary policy framework to:
- Ensure regular access to foreign exchange.
- Increase exchange rate flexibility.
- Address tight liquidity.
- Support growth.
- Strengthen bank supervision.
- Improve the business climate.
- Expand social safety nets.
IMF process, timeline, and contacts
- IMF staff-level agreement reached following productive discussions; final approval by IMF management and the IMF’s Executive Board expected in December 2017.
- IMF Communications Department — MEDIA RELATIONS, PRESS OFFICER: Wafa Amr.
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
Source: Press Release No. 17/434, November 10, 2017, IMF.