Press Release No. 99/61

The Government of Mauritania has notified the International Monetary Fund (IMF) that it has accepted the obligations of Article VIII, Sections 2, 3, and 4 of the IMF Articles of Agreement, with effect from July 19, 1999. IMF members accepting the obligations of Article VIII undertake to refrain from imposing restrictions on payments and transfers for current international transactions, or from engaging in discriminatory currency arrangements or multiple currency practices without IMF approval.

A total of 148 countries have now assumed Article VIII status.

By accepting the obligations of Article VIII, Mauritania gives confidence to the international community that it will pursue economic policies that will make restrictions on payments and transfers for current international transactions unnecessary, and will contribute to a multilateral payments system free of restrictions.

Mauritania joined the IMF on September 10, 1963. Its quota¹ is SDR 64.4 million (about US$89 million).

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¹A member's quota in the IMF determines, in particular, the amount of its subscription, its voting weight, its access to IMF financing, and its share in the allocation of Special Drawing Rights.