{
  "title": "IMF Reaches Staff-Level Agreement with Mauritania on a Three-Year Arrangement Under the Extended Credit Facility",
  "publication": "IMF News, November 10, 2017",
  "sourceUrl": "https://www.imf.org/en/news/articles/2017/11/10/pr17434-imf-reaches-staff-level-agreement-with-mauritania",
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  "summary": "Press Release No. 17/434; November 10, 2017.",
  "publishDate": "2017-11-10",
  "sections": [
    {
      "heading": "Agreement summary",
      "content": "- Press Release No. 17/434; November 10, 2017.\n- 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.\n- 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).\n- The staff-level agreement is subject to approval from IMF management and the IMF’s Executive Board, expected in December 2017.\n- 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."
    },
    {
      "heading": "Program objectives",
      "content": "- Foster inclusive and diversified growth to improve the population’s living standards.\n- Maintain macroeconomic stability.\n- Restore debt sustainability.\n- Reduce poverty.\n- Support implementation of the authorities’ strategy for Accelerated Growth and Shared Prosperity (SCAPP) for 2017–30.\n- Catalyze support from development partners to help implement the SCAPP."
    },
    {
      "heading": "Policy measures and reforms supported",
      "content": "- Continued gradual fiscal consolidation to strengthen debt sustainability.\n- Create fiscal space for higher social spending and infrastructure investment through:\n  - Revenue mobilization.\n  - Expenditure prioritization.\n  - Public investment management reforms.\n- Introduction of a competitive foreign exchange market and a modernized monetary policy framework to:\n  - Ensure regular access to foreign exchange.\n  - Increase exchange rate flexibility.\n  - Address tight liquidity.\n  - Support growth.\n- Strengthen bank supervision.\n- Improve the business climate.\n- Expand social safety nets."
    },
    {
      "heading": "IMF process, timeline, and contacts",
      "content": "- IMF staff-level agreement reached following productive discussions; final approval by IMF management and the IMF’s Executive Board expected in December 2017.\n- IMF Communications Department — MEDIA RELATIONS, PRESS OFFICER: Wafa Amr.\n  - Phone: +1 202 623-7100\n  - Email: MEDIA@IMF.org\n\nSource: Press Release No. 17/434, November 10, 2017, IMF.\n\n---\n\n\n References\n\n- Islamic Republic of Mauritania and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/11/10/pr17434-imf-reaches-staff-level-agreement-with-mauritania"
    }
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    "Published: November 10, 2017",
    "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.",
    "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.",
    "Continued gradual fiscal consolidation to strengthen debt sustainability.",
    "Create fiscal space for higher social spending and infrastructure investment through:",
    "Introduction of a competitive foreign exchange market and a modernized monetary policy framework to:",
    "Strengthen bank supervision.",
    "Improve the business climate.",
    "Expand social safety nets.",
    "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.",
    "[Islamic Republic of Mauritania and the IMF](http://www.imf.org/external/country/MRT/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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