The International Monetary Fund (IMF) has approved new 42-month lending arrangements worth about US$95.8 million for Mauritania and completed the final review of the country’s climate resilience program, providing an immediate disbursement of approximately US$105.6 million to support economic reforms and development priorities.
The IMF Executive Board approved the new arrangements under its Extended Credit Facility (ECF) and Extended Fund Facility (EFF), amounting to SDR 70.82 million, equivalent to 55 percent of Mauritania’s quota in the institution.
The approval comes as Mauritania seeks to preserve macroeconomic stability and advance structural reforms in an increasingly uncertain global environment marked by external shocks and commodity price volatility.
According to the IMF, Mauritania’s performance under its previous 2022-2026 ECF/EFF program was strong, with the country maintaining macroeconomic stability while implementing a broad reform agenda.
Growth in the non-extractive sector remained robust, inflation declined, the current account deficit narrowed, and foreign exchange reserves stayed at adequate levels, the Fund said.
The IMF also completed the fifth and final review of Mauritania’s Resilience and Sustainability Facility (RSF) arrangement, concluding a program that supported climate-related reforms, including integrating climate considerations into public financial management and improving water sector governance.
The new IMF-supported program will focus on three key pillars: strengthening macroeconomic stability through improved institutions and policy frameworks, reducing poverty while promoting private sector-led growth, and enhancing governance, particularly in public enterprises.
The Fund noted that all quantitative performance criteria set for December 2025 under the previous program had been met. A structural benchmark related to embedding a fiscal rule into law was also implemented, albeit with some delay.
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In a statement following the Executive Board meeting, IMF Deputy Managing Director and Acting Chair Kenji Okamura said Mauritania’s economy had demonstrated resilience despite a highly uncertain external environment.
“Disciplined fiscal policy is contributing to the authorities’ medium-term objective of stabilizing public debt, and external buffers remain adequate,” Okamura said.
He added that the successful completion of the RSF program reflected the authorities’ commitment to advancing climate-related reforms alongside broader macroeconomic objectives.
The IMF said Mauritania’s fiscal framework, supported by the institutionalization of a fiscal anchor, would help shield the economy from fluctuations in commodity prices while supporting debt sustainability.
However, the Fund urged the authorities to continue efforts to strengthen domestic revenue mobilization, improve spending efficiency, advance reforms of state-owned enterprises, and safeguard spending on social protection and priority investments.
The IMF also highlighted the importance of strengthening monetary policy tools, improving liquidity management, and deepening the foreign exchange market to support exchange-rate flexibility and enhance resilience to external shocks.
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Further reforms are needed to strengthen banking sector supervision, improve governance and transparency, combat corruption, and foster a more conducive business environment, the Fund said.
Mauritania, a mineral-rich West African nation, has sought to diversify its economy and reduce poverty while pursuing reforms aimed at attracting investment and improving long-term development outcomes.
The IMF said sustained implementation of the new 42-month program, supported by technical assistance and capacity development, would help address the country’s medium- and long-term economic challenges while mobilizing additional support from international development partners.
