IMF, Mauritania Reach Staff-Level Agreement on Fifth Review of $89 Million ECF and RSF Programmes
An International Monetary Fund (IMF) mission led by Felix Fischer has reached a staff-level agreement with the Mauritanian authorities following discussions held in Nouakchott from October 28 to November 7, 2025, on the Fifth Review of the country’s Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements, as well as the Fourth Review under the Resilience and Sustainability Facility (RSF).
Subject to IMF Executive Board approval, Mauritania is set to receive disbursements totaling about SDR 65.88 million (approximately US$89.3 million) under the combined programs.
According to Mr. Fischer, Mauritania’s economic growth, which reached a robust 6.3 percent in 2024, is expected to moderate to 4.2 percent in 2025 due to a slowdown in both the extractive and non-extractive sectors. Inflation, however, is projected to remain below 2 percent, supported by prudent fiscal and monetary policies.
He noted that program performance remains satisfactory, with all quantitative targets for end-June 2025 achieved, while the fiscal deficit as of September 2025 was lower than anticipated due to disciplined spending and strong tax collection.
The IMF commended ongoing fiscal and structural reforms, including the transition to program-based budgeting, progress on tax expenditure rationalization, and the establishment of a macro-fiscal unit to strengthen budget planning.
The mission also urged the government to expedite the implementation of state-owned enterprise (SOE) reform decrees, enforce anti-corruption measures, and advance climate resilience initiatives under the RSF.
Mr. Fischer highlighted that the planned automatic fuel pricing mechanism and climate contribution would help create fiscal space for development priorities, provided that adequate safeguards are in place to protect vulnerable households.
