- The Mauritanian authorities and IMF staff have reached staff-level agreement on the Fifth Review of Mauritania's economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF), and the Fourth Review of the Resilience and Sustainability Facility (RSF).
- Heightened global and regional uncertainties underscore the need to institutionalize the fiscal rule in the law (Loi organique relative aux lois de finance, LOLF) and continue transition to a flexible exchange rate in order to insulate the economy from shocks including commodity price shocks.
- A swift operationalization of the Anti-corruption authority, along with the effective implementation of the declaration of assets and interests law, will support Mauritania' fight against corruption and enhance governance and the rule of law.
- Reforms under the RSF need to accelerate to strengthen Mauritania's resilience to climate shocks.
Washington, DC: An International Monetary Fund (IMF) team, led by Felix Fischer, visited Nouakchott during October 28– November 7, 2025, to hold discussions on the Fifth Review of Mauritania's economic program under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF), and the Fourth Review of the Resilience and Sustainability Facility (RSF) arrangement. At the end of the mission, Mr. Fischer issued the following statement:
"The Mauritanian authorities and IMF staff have reached a staff level agreement on policies to complete the Fifth Review of Mauritania's 42-month blended EFF/ECF-supported program and the Fourth review of the RSF. Subject to approval by the IMF Executive Board, Mauritania will receive a disbursement of SDR 6.44 million (about US$8.7 million) under the ECF and EFF arrangements and up to SDR 59.44 million (about US$80.6 million) under the RSF arrangement,
"Following a strong economic growth performance of 6.3 percent in 2024, economic activity in 2025 is projected to decelerate to 4.2 percent, due to a contraction in the extractive sector and a slowdown in the non-extractive sector notwithstanding a continued solid performance. The medium-term outlook remains broadly positive, assuming further reforms will be implemented to diversify the economy and lift non-extractive economic growth. Inflation in 2025 is expected to remain below 2 percent thanks to prudent macroeconomic policies and central bank's continued absorption of any excess liquidity.
"Program performance has been satisfactory—all quantitative targets for end-June 2025 were met. The end-September 2025 fiscal deficit was lower than programmed as spending was below the budget while tax collection performed as expected. Heightened global and regional uncertainties underscore the need to institutionalize the fiscal rule in the law (Loi organique relative aux lois de finance, LOLF) and continue transition to a flexible exchange rate to insulate the economy from shocks including commodity price shocks. The mission welcomed the ongoing transition to program budgeting in the 2026 budget and encouraged the authorities to ensure an optimal design of new tax measures through prior impact assessments, with adequate resources for and active involvement of the tax policy unit; progress on the tax expenditure rationalization plan; and swift establishment of a macro-fiscal unit to centralize macro-fiscal projections and improve the preparation of the budget and the medium-term fiscal framework.
"The IMF team took note of the progress in the structural reforms and encouraged authorities to move swiftly to finalize the implementing decrees of the laws on SOEs, and the free zone of Nouadhibou. The mission was encouraged by authorities' commitment and action plan to address the recommendations of the recent audit report by the Court of Audits (Cour des Comptes). Effective implementation of the declaration of assets and interests law and swift appointment of the Directive Council members of the newly created Anti-Corruption Authority is key to support Mauritania's fight against corruption and enhance governance and the rule of law, consistent with the national anti-corruption strategy.
"The authorities need to accelerate reforms under the RSF to strengthen Mauritania's resilience to climate change. The planned introduction of the automatic fuel pricing mechanism and the climate contribution will also help create fiscal space to meet Mauritania's large development needs. The mission stressed the importance of implementing in parallel well-targeted compensatory measures, leveraging the social registry, to cushion the potential impact on the vulnerable as the fuel pricing mechanism is implemented.
"The team met with Prime Minister Mokhtar Ould Diay, President of the Audit court Hemid Ahmed Taleb, Governor of the Central Bank Mohamed Lamine Ould Dhehby, Minister of Economic Affairs and Development Abdallah Souleymane Cheikh Sidia, Minister of Energy and Oil Mohamed Ould Khaled, Minister of Hydraulics and Sanitation Amal Mint Mouloud, Minster of Environment and Sustainable Development Messoude Baham Mohamed Laghdaf, other senior government officials, the banking association and other representatives of the private sector, and the donor community.
"The IMF team would like to thank the Mauritanian authorities and various stakeholders for the excellent hospitality and cooperation and candid discussions during the mission."
