IMF authorizes Mauritania to withdraw USD 23 million

The country has a USD 160 million loan agreement in place with the International Monetary Fund to support a reforms program.

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São Paulo – The executive board of the International Monetary Fund (IMF) completed on December 6 the third review of its loan agreement with Mauritania. The latter has been authorized to withdraw USD 22.91 million. The three-year deal provides for a total USD 160,38 million. With the new instalment cleared, disbursements have reached USD 68.74 million so far.

An IMF press release quoted joint managing director Mitsuhiro Furusawa as saying Mauritania’s reforms program is progressing in a satisfactory manner. “The economy is recovering, macroeconomic stability has been maintained, external debt stabilized, and reforms launched to modernize economic institutions and the policy framework.”

He went on to say that despite the positive outlook, considerable vulnerabilities and risks remain, particularly given the increasingly less favorable international environment, and lower commodity export prices weighing on the external and fiscal positions. “It is important that the authorities, therefore, continue with prudent macroeconomic policies while pressing forward with structural reforms supportive of inclusive growth, poverty reduction, and good governance.”

The executive also said that “the potential development of offshore gas presents opportunities as well as risks, and high upfront costs. The authorities should choose the most economical option to finance the government’s share in the project, while preserving international reserves, given the uncertain global environment.”

Translated by Gabriel Pomerancblum

Thomas Samson/AFP

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