June 24, 2026
PRESS OFFICER: Mayada Ghazala
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Washington, DC: The IMF Executive Board approved today 42-month arrangements under the ECF and the EFF in the amount of SDR 70.82 million (equivalent of 55 percent of quota or US$ 95.8 million) and the Fifth Review under the Resilience and Sustainability Facility arrangement (RSF). These decisions enable an immediate disbursement of SDR 78.78 million (about US$ 105.6 million).
Amid an increasingly uncertain and shock prone environment, the new arrangements will help preserve external buffers while supporting the authorities’ efforts to maintain macroeconomic stability and implementing structural reforms to address Mauritania’s large development needs and the outstanding structural reforms.
Under the 2022-2026 ECF/EFF, Mauritania has shown a strong track record of policy implementation. Macroeconomic stability was maintained. A robust reform agenda has helped strengthen fiscal policy, develop the financial sector, including the FX market, overhaul the governance legal framework, and strengthen resilience to climate change. Program performance has been strong, with all end-December 2025 quantitative performance criteria met and the structural benchmark on the institutionalization of the fiscal rule into law implemented with some delay. The authorities completed the remaining four reform measures under the RSF, supporting the integration of climate considerations in public financial management, and strengthening the management of the water sector.
Building on the achievements of the 2022-2026 ECF/EFF, the new program will focus on (i) consolidating macroeconomic stability by strengthening macroeconomic institutions and policy frameworks; (ii) reducing poverty and strengthening private sector-led growth; and (iii) continuing to strengthen governance, including of public enterprises. The arrangements will also help catalyze support from Mauritania’s development partners.
At the conclusion of the Executive Board’s discussion, Mr. Okamura, Deputy Managing Director and Chair stated:
“Despite a highly uncertain external environment, Mauritania’s economy has continued to show resilience, supported by prudent and well-calibrated macroeconomic policies. Disciplined fiscal policy is contributing to the authorities’ medium-term objective of stabilizing public debt, and external buffers remain adequate. In parallel, the authorities have continued to strengthen macroeconomic policy frameworks and preserve stability.
“Program performance under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements has remained strong. The program under the Resilience and Sustainability Facility (RSF) has been successfully concluded, reflecting the authorities’ commitment to advancing climate-related reforms alongside broader macroeconomic objectives.
“The authorities’ commitment to prudent fiscal policy, supported by the institutionalization of the fiscal anchor, helps insulate the economy from commodity price volatility and supports debt sustainability. Continued efforts are needed to sustain revenue mobilization efforts, improve expenditure efficiency, advance SOE reforms, and preserve space for priority social and investment spending, including to protect the most vulnerable. The well-developed social registry provides a strong basis to improve the targeting of social spending to those most in need.
“Further progress has been made in modernizing the monetary policy framework. Looking ahead, strengthening liquidity management and further developing monetary policy instruments will remain important to anchor inflation expectations and support financial market development. Further efforts are also needed to deepen the foreign exchange market, which would help enhance exchange rate flexibility as an external shock absorber. Moreover, banking sector resilience needs further strengthening through effective supervision and enforcement of prudential regulations.
“Decisive implementation of structural reforms remains key to fostering higher, more inclusive, and private sector–led growth. Priorities include strengthening governance, further strengthening anti-corruption frameworks and enhancing transparency and accountability. Continued efforts to improve the business climate, deepen financial inclusion, and develop human capital will be essential to support diversification and improved social and long-term development outcomes.
“Sustained and effective implementation of the new 42‑month ECF/EFF arrangements—supported by capacity development—will help anchor macroeconomic policies, address medium- and long-term economic challenges and mobilize development partner support.”
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Mauritania: Selected Economic Indicators, 2021-27 |
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2021 |
2022 |
2023 |
2024 |
2025 |
2026 |
2027 |
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Est. |
5th Review |
Est. |
5th Review |
Projections |
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National accounts and prices |
(Annual change in percent) |
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Real GDP |
0.7 |
6.8 |
6.8 |
6.3 |
4.2 |
4.0 |
4.7 |
4.7 |
4.5 |
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Real extractive GDP |
-19.2 |
18.3 |
12.2 |
1.9 |
-1.2 |
-0.6 |
3.6 |
6.3 |
4.7 |
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Real non-extractive GDP |
6.0 |
3.8 |
5.6 |
7.3 |
5.5 |
5.1 |
5.0 |
4.3 |
4.4 |
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Consumer prices (end of period) |
3.2 |
3.2 |
3.2 |
3.1 |
2.0 |
4.1 |
3.0 |
4.5 |
4.2 |
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Central government operations |
(In percent of GDP, unless otherwise indicated) |
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Revenues and grants |
22.6 |
25.0 |
22.3 |
22.2 |
24.1 |
23.5 |
25.2 |
25.0 |
25.3 |
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Nonextractive |
16.2 |
18.2 |
16.9 |
17.8 |
18.9 |
18.9 |
20.0 |
18.7 |
18.8 |
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Taxes |
11.7 |
13.4 |
12.5 |
13.9 |
14.7 |
14.7 |
15.5 |
14.3 |
14.5 |
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Extractive |
4.1 |
5.0 |
3.6 |
3.2 |
3.8 |
3.5 |
3.6 |
4.9 |
5.2 |
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Expenditure and net lending |
20.8 |
28.7 |
24.8 |
23.6 |
24.5 |
23.8 |
25.9 |
25.0 |
24.3 |
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Of which: Current |
13.0 |
17.2 |
16.2 |
14.9 |
13.7 |
13.5 |
13.7 |
14.3 |
12.9 |
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Capital |
7.8 |
11.5 |
8.6 |
8.7 |
10.8 |
10.2 |
12.1 |
10.7 |
11.3 |
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Primary balance (excl. grants) |
0.5 |
-4.5 |
-3.3 |
-1.6 |
-0.8 |
-0.6 |
-1.2 |
-0.5 |
0.5 |
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Non-extractive primary balance (incl. grants) |
-1.5 |
-7.7 |
-5.1 |
-3.5 |
-3.2 |
-3.0 |
-3.3 |
-4.0 |
-3.5 |
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Overall balance (in percent of GDP) |
1.9 |
-3.7 |
-2.4 |
-1.4 |
-0.4 |
-0.3 |
-0.7 |
0.0 |
1.0 |
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Public sector debt (in percent of GDP) |
52.4 |
48.3 |
47.0 |
43.5 |
39.9 |
40.7 |
40.5 |
37.6 |
37.2 |
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External sector |
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Current account balance (in percent of GDP) |
-8.6 |
-14.9 |
-8.7 |
-9.4 |
-6.3 |
-3.4 |
-6.9 |
-5.8 |
-5.9 |
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Excl. externally financed extractive capital goods imports |
1.0 |
-0.8 |
-0.3 |
-1.4 |
-0.5 |
1.8 |
-1.3 |
-0.7 |
-0.7 |
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Gross official reserves (in millions of US$, eop) |
2,347 |
1,877 |
2,032 |
1,921 |
1,922 |
2159 |
1,926 |
1869 |
1920 |
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In months of prospective non-extractive imports |
8.2 |
6.2 |
6.4 |
5.9 |
5.5 |
5.9 |
5.5 |
5.5 |
5.4 |
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External public debt (in millions of US$) |
4,204 |
3,954 |
4,047 |
4,058 |
4,033 |
4052 |
4,290 |
4197.7 |
4235.2 |
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In percent of GDP |
45.8 |
42.1 |
40.6 |
36.9 |
33.1 |
33.3 |
32.9 |
30.4 |
29.2 |
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Sources: Mauritanian authorities; and IMF staff estimates and projections. |
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