IMF Board Wraps Up Mauritania Reviews, Facility Arrangements
Washington, DC: The IMF Executive Board completed today the Fourth Reviews under the 42‑month blended Extended Credit Facility arrangement (ECF) and the Extended Fund Facility arrangement (EFF), and the Third Review under the Resilience and Sustainability Facility arrangement (RSF). The ECF/EFF were approved by the IMF Executive Board in January 2023 (see PR 23/15 ) and the RSF was approved in December 2023 (see PR23/465 ). The completion of the reviews allows for the immediate disbursement of SDR 36.16 million (about US$ 49.8 million) of which SDR 6.44 million (about US$ 8.9 million) under the ECF/EFF and SDR 29.72 million (about US$ 40.9 million) under the RSF, bringing the cumulative disbursements to SDR 125.9 million (about US$ 166.5 million).
The Mauritanian economy has proven resilient, notwithstanding heightened global uncertainty and increasing regional security risks, with economic activity estimated to have decelerated slightly to 5.2 percent in 2024. Following a further deceleration to 4.0 percent in 2025, growth is expected to remain favorable in the medium term, supported by the government infrastructure drive and by private investment. Inflation is expected to remain contained within the Central Bank’s target. The reforms in the areas of governance, monetary and financial sector, investment policies, and vocational training are expected to support efforts to diversify the economy away from the extractive industries.
Program performance has been strong, with all end-December 2024 quantitative targets met, and most of the structural benchmarks under the ECF/EFF implemented. Reforms under the RSF are also progressing.
At the conclusion of the Executive Board’s discussion, Mr. Okamura, Deputy Managing Director and Chair stated:
“Program performance under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements has been strong. Supported by the authorities’ prudent and well-calibrated policies, Mauritania’s economy continued to grow in 2024, albeit at a slower pace than in 2023, while inflation decreased. The fiscal performance, including the implementation of a fiscal anchor, is supporting the authorities’ medium-term goal of stabilizing debt. The current account widened in 2024, but international reserves remained at comfortable levels.”
“The authorities’ prudent fiscal stance, underpinned by the fiscal anchor, helps insulate public spending from commodity price volatility and contributes to stabilizing debt. Continuing with this prudent fiscal policy, and complementing it with reforms in tax policy and administration, would create fiscal space for social spending and public investment while safeguarding the credibility of the medium-term budget framework.”
“With inflation easing, the Central Bank of Mauritania has begun lowering interest rates. Effective liquidity management, supported by continued development of monetary policy instruments, helps anchor inflation expectations while fostering the development of domestic debt markets. Continued reforms to deepen the foreign exchange market would enhance exchange rate flexibility and resilience to external shocks. Strengthening the banking sector’s resilience requires close monitoring of financial sector trends and consistent enforcement of prudential regulations.”
“Decisive implementation of structural reforms is essential to support higher, more inclusive and diversified, private-sector-led growth. Priorities include operationalizing recent governance reforms, strengthening accountability and transparency, developing human capital, promoting financial inclusion, and enhancing the business climate.”
“Effective implementation of the ECF and EFF arrangements, along with intensified reform efforts under the Resilience and Sustainability Facility, will help Mauritania address its medium- and long-term challenges and secure additional financing. These programs aim to maintain adequate international reserves, strengthen macroeconomic policy frameworks, and promote sustainable growth, thereby supporting the country’s climate agenda, human capital development, and poverty reduction.”
https://www.imf.org/en/News/Articles/2025/07/03/pr25240-mauritania-imf-comp-4th-rev-of-ext-arr-under-ecf-and-eff-arr-and-3rd-rev-of-rsf-arr