IMF Executive Board Approves 42-month Arrangements under Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) and Completes Fifth Review of the Resilience and Sustainability Facility (RSF) Arrangement

IMF News, June 24, 2026

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IMF Executive Board Approves 42-month Arrangements under Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) and Completes Fifth Review of the Resilience and Sustainability Facility (RSF) Arrangement

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Bibliographic details

• Published: June 24, 2026

Overview

• The Executive Board of the International Monetary Fund (IMF) approved new 42-month arrangements under the ECF and EFF and concluded the fifth and final Review under the RSF Arrangement for US$ 95.8 million to continue to support the authorities’ development program and institutional reform agenda.
• Press Release No. 26/222. Date: June 24, 2026.

Program and financing

• Approved financing: SDR 70.82 million (equivalent of 55 percent of quota or US$ 95.8 million).
• Immediate disbursement enabled: SDR 78.78 million (about US$ 105.6 million).
• Purpose: preserve external buffers, support macroeconomic stability, and implement structural reforms addressing large development needs and outstanding structural reforms.
• The arrangements will help catalyze support from Mauritania’s development partners.

Program performance and achievements (2022–2026 ECF/EFF and RSF)

• Program performance under the 2022-2026 ECF/EFF has been strong: growth in the non-extractive sector remained solid, inflation declined, the current account deficit narrowed, and international reserves remained adequate.
• Under the 2022-2026 ECF/EFF:
  • All end-December 2025 quantitative performance criteria were met.
  • The structural benchmark on the institutionalization of the fiscal rule into law was implemented with some delay.
  • The authorities completed the remaining four reform measures under the RSF, supporting integration of climate considerations in public financial management, and strengthening management of the water sector.
• Achievements cited: strengthened fiscal policy, development of the financial sector including the FX market, overhaul of governance legal framework, and strengthened resilience to climate change.

Pillars of the new 42‑month program

• The new program is anchored on three mutually reinforcing pillars:

1. Consolidating macroeconomic stability by strengthening macroeconomic institutions and policy frameworks. 2. Strengthening human capital and promoting inclusive growth (reducing poverty and strengthening private sector‑led growth). 3. Bolstering governance, including governance of public enterprises.

• Support measures include capacity development to help anchor macroeconomic policies, address medium- and long-term economic challenges, and mobilize development partner support.

Key policy priorities and recommendations (as stated by IMF Deputy Managing Director and Chair)

• Sustain disciplined fiscal policy to help stabilize public debt and preserve external buffers.
• Continue revenue mobilization efforts and improve expenditure efficiency.
• Advance SOE reforms while preserving space for priority social and investment spending, including protection for the most vulnerable.
• Use the well-developed social registry to improve targeting of social spending.
• Further modernize the monetary policy framework: strengthen liquidity management and develop monetary policy instruments to anchor inflation expectations and support financial market development.
• Deepen the foreign exchange market to enhance exchange rate flexibility as an external shock absorber.
• Strengthen banking sector resilience through effective supervision and enforcement of prudential regulations.
• Decisive implementation of structural reforms to foster higher, more inclusive, private sector–led growth, including:
  • Strengthening governance.
  • Further strengthening anti-corruption frameworks.
  • Enhancing transparency and accountability.
  • Improving the business climate.
  • Deepening financial inclusion.
  • Developing human capital to support diversification and improved social and long-term development outcomes.

Selected economic indicators (2021–27)

• Real GDP (Annual change in percent, 2021 2022 2023 2024 2025 2026 2027): 0.7, 6.8, 6.3, 4.2, 4.0, 4.7, 4.5
• Real extractive GDP (Annual change in percent, 2021 2022 2023 2024 2025 2026 2027): -19.2, 18.3, 12.2, 1.9, -1.2, -0.6, 3.6
• Real non-extractive GDP (Annual change in percent, 2021 2022 2023 2024 2025 2026 2027): 6.0, 3.8, 5.6, 7.3, 5.5, 5.1, 5.0
• Consumer prices (end of period, annual change in percent, 2021 2022 2023 2024 2025 2026 2027): 4.3, 4.4, 3.2, 3.1, 2.0, 4.1, 3.0
• Revenues and grants (In percent of GDP, 2021 2022 2023 2024 2025 2026 2027): 22.6, 25.0, 22.3, 22.2, 24.1, 23.5, 25.2
• Nonextractive revenues (In percent of GDP, 2021 2022 2023 2024 2025 2026 2027): 16.2, 18.2, 16.9, 17.8, 18.9, 20.0, 18.7
• Taxes (In percent of GDP, 2021 2022 2023 2024 2025 2026 2027): 11.7, 13.4, 12.5, 13.9, 14.7, 15.5, 14.3
• Expenditure and net lending (In percent of GDP, 2021 2022 2023 2024 2025 2026 2027): 20.8, 28.7, 24.8, 23.6, 24.5, 23.8, 25.9
• Of which current (In percent of GDP, 2021 2022 2023 2024 2025 2026 2027): 13.0, 17.2, 14.9, 13.7, 13.5, 12.9, 12.1
• Of which capital (In percent of GDP, 2021 2022 2023 2024 2025 2026 2027): 7.8, 11.5, 8.6, 8.7, 10.8, 10.2, 11.3
• Primary balance (excl. grants, In percent of GDP, 2021 2022 2023 2024 2025 2026 2027): 0.5, -4.5, -3.3, -1.6, -0.8, -0.5, (blank)
• Non-extractive primary balance (incl. grants, In percent of GDP, 2021 2022 2023 2024 2025 2026 2027): -1.5, -7.7, -5.1, -3.5, -3.2, -3.0, -4.0
• Overall balance (in percent of GDP, 2021 2022 2023 2024 2025 2026 2027): -3.7, -2.4, -1.4, -0.4, -0.3, -0.7, 0.0
• Public sector debt (in percent of GDP, 2021 2022 2023 2024 2025 2026 2027): 52.4, 48.3, 47.0, 43.5, 39.9, 40.7, 40.5
• Current account balance (in percent of GDP, 2021 2022 2023 2024 2025 2026 2027): -8.6, -14.9, -8.7, -9.4, -6.3, -3.4, -6.9
• Gross official reserves (in millions of US$, eop, 2021 2022 2023 2024 2025 2026 2027): 2,347, 1,877, 2,032, 1,921, 1,922, 2159, 1,926
• Gross official reserves (In months of prospective non-extractive imports, 2021 2022 2023 2024 2025 2026 2027): 8.2, 6.2, 6.4, 5.9, 5.4, (blank), (blank)
• External public debt (in millions of US$, 2021 2022 2023 2024 2025 2026 2027): 4,204, 3,954, 4,047, 4,058, 4,033, 4052, 4,290
• External public debt (in percent of GDP, 2021 2022 2023 2024 2025 2026 2027): 45.8, 42.1, 40.6, 36.9, 33.1, 33.3, 32.9

Sources: Mauritanian authorities; and IMF staff estimates and projections.

References

• Islamic Republic of Mauritania and the IMF
• IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet
• Press Releases
• PRESS CENTER
• https://www.imf.org/en/home