{
  "title": "IMF Executive Board Completes Third Review of the Arrangement Under the Extended Credit Facility with the Islamic Republic of Mauritania",
  "publication": "IMF News, May 20, 2019",
  "sourceUrl": "https://www.imf.org/en/news/articles/2019/05/20/pr19177-mauritania-imf-exec-board-completes-third-review-arrangement-under-extended-credit-facility",
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  "summary": "On May 20, 2019, the Executive Board completed the third review of the three-year arrangement with Mauritania under the Extended Credit Facility.",
  "publishDate": "2019-05-20",
  "sections": [
    {
      "heading": "Program performance and review outcome",
      "content": "- On May 20, 2019, the Executive Board completed the third review of the three-year arrangement with Mauritania under the Extended Credit Facility.\n- The arrangement has total access of SDR 115.92 million (about US$ 159.8 million at current exchange rates), or 90 percent of Mauritania’s quota.\n- The completion of the review allows the authorities to draw SDR 16.56 million (about US$ 22.8 million), bringing total disbursements to SDR 66.24 million (about US$ 91.3 million).\n- IMF assessment: “Mauritania’s performance under the Extended Credit Facility Arrangement continues to be strong. Macroeconomic stability has been maintained, external debt-to-GDP declined, official reserves increased, and some fiscal space has been created. Structural reform implementation progressed as planned.” — Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair."
    },
    {
      "heading": "Growth, outlook, and risks",
      "content": "- Economic growth:\n  - Real GDP: 2018 est. 3.6 percent; 2019 proj. 6.7 percent; 2020 proj. 5.8 percent.\n  - Real extractive GDP: 2018 est. -18.7 percent; 2019 proj. 20.6 percent; 2020 proj. 6.3 percent.\n  - Real non-extractive GDP: 2018 est. 5.4 percent; 2019 proj. (value missing in table for 2019 row header)  (table shows non-extractive GDP series: 2015 1.4, 2016 2.0, 2017 4.5, 2018 5.4).\n- Price developments:\n  - GDP deflator: 2018 5.3 percent.\n  - Consumer prices (period average): 2018 4.0 percent.\n- Outlook drivers: improved terms of trade and the upcoming development of a large offshore gas field.\n- Downside risks: global economic developments, commodity price volatility, adverse weather, and regional security concerns remain elevated."
    },
    {
      "heading": "Policy objectives and structural reforms",
      "content": "- Program aims:\n  - Entrench macroeconomic stability.\n  - Support inclusive and job-creating growth.\n  - Build international reserve buffers.\n- Authorities’ stated fiscal intent:\n  - Use prospective fiscal space prudently for priority social spending—education, health, and social protection—and public infrastructure.\n  - Seek financing on concessional terms to improve debt sustainability.\n- Structural reform priorities:\n  - Strengthen tax policy and administration to ensure broad-based tax compliance.\n  - Reform budget processes to improve the effectiveness of public spending.\n  - Modernize the foreign exchange policy framework and increase exchange rate flexibility to address external shocks and preserve official reserves.\n  - Activate new monetary policy instruments to improve liquidity management.\n  - Upgrade bank regulatory standards and supervision to strengthen banking sector soundness and financial inclusion.\n  - Establish a robust macro-fiscal framework to efficiently manage future windfall gas revenues.\n- Governance recommendation: Step up efforts to improve the business environment, strengthen economic governance, and fight corruption."
    },
    {
      "heading": "Fiscal, debt, and monetary key statistics (selected)",
      "content": "- Central government operations (in percent of non-extractive GDP):\n  - Revenues and grants: 2018 33.6; 2019 30.5; 2020 31.2.\n  - Non-extractive revenues: 2018 27.5; 2019 27.7.\n  - Taxes: 2018 20.8; 2019 20.4; 2020 20.7.\n  - Extractive revenues: 2018 2.2; 2019 2.6.\n  - Grants: 2018 0.9.\n  - Expenditure and net lending: 2018 30.0; 2019 30.6; 2020 30.7.\n  - Current expenditure: 2018 18.1; 2019 18.0.\n  - Capital expenditure: 2018 10.8; 2019 12.4; 2020 12.8.\n  - Primary balance (excl. grants): 2018 4.8.\n  - Overall balance (in percent of GDP): 2018 3.3.\n- Public sector debt (in percent of GDP):\n  - 2015 75.2; 2016 77.4; 2017 75.9; 2018 83.0; 2019 78.5; 2020 80.9.\n  - Note: 1/ Including government debt to the central bank recognized in 2018. 2/ Excluding passive debt to Kuwait under negotiation.\n- Money and credit (annual change in percent):\n  - Broad money: 2018 11.5; 2019 11.6.\n  - Credit to the private sector: 2018 19.2; 2019 13.5.\n- Balance of payments:\n  - Current account balance (in percent of GDP): 2018 -18.4; 2019 -15.7; 2020 -21.6.\n  - Current account excl. externally financed extractive capital imports: 2018 -10.2; 2019 -12.9.\n- External sector and reserves:\n  - Gross official reserves (in millions of US$, eop): 2018 919.1; 2019 1,010.6; 2020 1,133.8.\n  - In months of prospective non-extractive imports: 2018 5.0; 2019 5.2; 2020 5.7.\n  - External public debt (in millions of US$): 2018 3,631.8; 2019 3,784.0; 2020 4,046.4.\n  - External public debt (in percent of GDP): 2018 69.3; 2019 67.3; 2020 69.4.\n- Memorandum items:\n  - Nominal GDP (in millions of US$): 2018 5,237.1; 2019 5,621.3; 2020 5,826.9.\n  - Price of iron ore (US$/Ton): 2018 70.1; 2019 76.5; 2020 70.2."
    },
    {
      "heading": "Implementation and next steps",
      "content": "- Continued policy discipline and broad-based structural reforms are envisaged to support program objectives.\n- Authorities to prioritize social spending and public infrastructure while seeking concessional financing to safeguard debt sustainability.\n- Emphasis on modernizing macroeconomic frameworks (fiscal, monetary, foreign exchange) and strengthening financial sector regulation and supervision.\n\nPrepared from IMF Press Release No. 19/177 (May 20, 2019).\n\n---\n\n\n References\n\n- Mitsuhiro Furusawa\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/05/20/pr19177-mauritania-imf-exec-board-completes-third-review-arrangement-under-extended-credit-facility"
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    "Published: May 20, 2019",
    "On May 20, 2019, the Executive Board completed the third review of the three-year arrangement with Mauritania under the Extended Credit Facility.",
    "The arrangement has total access of SDR 115.92 million (about US$ 159.8 million at current exchange rates), or 90 percent of Mauritania’s quota.",
    "The completion of the review allows the authorities to draw SDR 16.56 million (about US$ 22.8 million), bringing total disbursements to SDR 66.24 million (about US$ 91.3 million).",
    "IMF assessment: “Mauritania’s performance under the Extended Credit Facility Arrangement continues to be strong. Macroeconomic stability has been maintained, external debt-to-GDP declined, official reserves increased, and some fiscal space has been created. Structural reform implementation progressed as planned.” — Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair.",
    "Economic growth:",
    "Price developments:",
    "Outlook drivers: improved terms of trade and the upcoming development of a large offshore gas field.",
    "Downside risks: global economic developments, commodity price volatility, adverse weather, and regional security concerns remain elevated.",
    "Program aims:",
    "Authorities’ stated fiscal intent:",
    "Structural reform priorities:",
    "Governance recommendation: Step up efforts to improve the business environment, strengthen economic governance, and fight corruption.",
    "Central government operations (in percent of non-extractive GDP):",
    "Public sector debt (in percent of GDP):",
    "Money and credit (annual change in percent):",
    "Balance of payments:",
    "External sector and reserves:",
    "Memorandum items:",
    "Continued policy discipline and broad-based structural reforms are envisaged to support program objectives.",
    "Authorities to prioritize social spending and public infrastructure while seeking concessional financing to safeguard debt sustainability.",
    "Emphasis on modernizing macroeconomic frameworks (fiscal, monetary, foreign exchange) and strengthening financial sector regulation and supervision.",
    "[Mitsuhiro Furusawa](http://www.imf.org/external/np/omd/bios/mf.htm)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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