- The Mauritanian authorities and IMF staff have reached staff-level agreement on the sixth and final review of Mauritania’s economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF), and the fifth and final review of the Resilience and Sustainability Facility (RSF), and on an new 42-month blended ECF/EFF to help Mauritania address pressing financing needs—resulting from the war in the Middle East—and implement the country’s National Development Plan.
- The institutionalization of the current fiscal rule and an effective exchange rate flexibility would help Mauritania absorb economic shocks. Accelerating governance reforms, including the timely operationalization of the anti-corruption authority, would consolidate the foundations for sustained private sector-led growth.
- The new program aims at consolidating macroeconomic stability, reducing poverty, continuing to improve governance, and reforming the state-owned enterprise sector.
Washington, DC: An International Monetary Fund (IMF) team, led by Felix Fischer, visited Nouakchott during March 31– April 10, 2026, to hold discussions on the Sixth Review of Mauritania’s economic program under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF), and the Fifth Review of the Resilience and Sustainability Facility (RSF) arrangement, and as well as on a new program in support of the authorities’ policy plans]. At the end of the mission, Mr. Fischer issued the following statement:
“I am pleased to announce that the Mauritanian authorities and IMF team have reached a staff level agreement on policies to complete the sixth and final review of Mauritania’s 42-month blended EFF/ECF-supported program and the fifth and final review of the RSF and on a new 42-month blended ECF and EFF arrangements. Subject to approval by the IMF Executive Board, Mauritania will receive a disbursement of SDR 6.44 million (about US$ 8.8 million) under the current ECF and EFF arrangements and up to SDR 59.44 million (about US$ 81.4 million) under the RSF arrangement. The proposed access under the ECF/EFF of SDR 64.4 million (equivalent to US$ 88.2 million or 50 percent of quota) seeks to help Mauritania address financing needs, preserve macroeconomic stability, and implement the country’s National Development Plan centered on achieving Sustainable Development Goals (SDGs).
“Economic activity was mostly in line with expectations, with a growth rate of 4.0 percent in 2025, slightly lower than the earlier projection of 4.2 percent. For 2026, growth is projected at 4.8 percent, driven by extractive growth. However, non-extractive growth is expected to slow to 4.4 percent (from 5.1 percent in 2025), reflecting the impact of the war in the Middle East on oil prices and demand. Prudent macroeconomic management over the past three years, has helped Mauritania build fiscal and external fiscal buffers.
“The IMF team welcomes the government’s swift response to address the effects of the war in Middle East, that aims at containing the impact on the budget while scaling up well-targeted cash transfers to more than 124 000 vulnerable households. At the same time, it underscores the need to institutionalize the fiscal rule in the law and allow exchange rate flexibility to absorb external shocks, to help preserve macroeconomic stability and enhance Mauritania’s economic resilience. On the monetary policy, the IMF team recommends that the central bank stands ready to raise policy rates in case the recent inflationary pressures turn out persistent.
“Performance under the program is on track— all quantitative targets for end-December 2025 have been met. The fiscal adjustment was in line with the program targets due to higher tax revenue and spending restraint. Progress on the reform agenda includes progress to establish the board of anti-corruption authority and the issuance of the request for asset declarations.
“The pace of reforms undertaken under the RSF needs to be maintained to continue to strengthen Mauritania’s resilience to climate change. The planned water tariff reform and the incorporation of climate risks in the public investment management framework will help put investments in the water sector on a sustainable footing and improve public investment resilience to climate chocks.
“The IMF team commands progress on the structural reforms and encourages the authorities to move swiftly to finalize the implementing decrees of the laws on state-owned enterprises, and the free zone of Nouadhibou. 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.
“IMF staff and the Mauritanian authorities have reached an agreement on a successor IMF program that would help Mauritania: (i) consolidate macroeconomic stability by strengthening macroeconomic institutions and policy frameworks; (ii) reduce poverty reduction by strengthening human capital and promoting inclusion; and (iii) improve governance and reform state-owned enterprises sector.
“The team met with His Excellency President Mohamed Ould Ghazouani, Prime Minister Mokhtar Ould Diay, Governor of the Central Bank Mohamed Lamine Ould Dhehby, Minister of Economic Affairs and Development Abdallah Souleymane Cheikh Sidia, Minister of Education and the Reform of the Education System Houda Mint Babah, Minister of Health Tidjani Thiam, Minister of Energy and Oil Mohamed Ould Khaled, Minister of Mining and Industry Edy Ould Zeine, Minister of Public Lands, Public Estate, and Land Reform Mamadou Niang, Minister of Hydraulics and Sanitation Amal Mint Mouloud, Minister of Environment and Sustainable Development Messouda Baham Mohamed Laghdaf, other senior government officials, the civil society, 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.”
READ MORE: https://www.imf.org/en/news/articles/2026/04/10/pr-26116-mauritania-imf-reaches-agreement-on-latest-rev-extended-fund-ecf-rsf-new-42mo-ecf-eff
