Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexEconomic EventsPress releases

IMF International Monetary Fund : Reaches Staff-Level Agreement with Mauritania on a Three-Year Arrangement Under the Extended Credit Facility

share with twitter share with LinkedIn share with facebook
share via e-mail
11/11/2017 | 12:04am CET

November 10, 2017

  • Staff-Level agreement reached on a three-year economic program with Mauritania.
  • IMF financing will support the authorities' economic policies and reforms.
  • The program aims to foster inclusive growth, maintain macroeconomic stability, restore debt sustainability, and reduce poverty.

An IMF staff team led by Mr. Eric Mottu held discussions with the Mauritanian authorities on an IMF-supported economic program from September 25 to October 6 in Nouakchott and subsequently in Washington. Mr. Mottu made the following statement today from Washington:

'Following productive discussions, the IMF team reached a staff-level agreement ad referendum with the Mauritanian authorities on an economic reform program to be supported by a three-year arrangement under the Extended Credit Facility (ECF). The staff-level agreement is subject to approval from IMF management and the IMF's Executive Board, expected in December 2017. Under the arrangement, Mauritania would have access to IMF credit of up to SDR 115.920 million, or about US$ 162.8 million over three years.

'Mauritania's economic reform program supported by the IMF aims to foster inclusive and diversified growth to improve the population's living standards, maintain macroeconomic stability, restore debt sustainability, and reduce poverty. Building on the authorities' adjustment and reform efforts over the past two years, the program will entail continued gradual fiscal consolidation to strengthen debt sustainability, while creating fiscal space for higher social spending and infrastructure investment through revenue mobilization, expenditure prioritization, and public investment management reforms.

'The authorities' program will introduce a competitive foreign exchange market along with a modernized monetary policy framework. This will ensure regular access to foreign exchange, increase exchange rate flexibility, address tight liquidity, and support growth. The authorities will strengthen bank supervision, improve the business climate, and expand social safety nets. Mauritania's reform program supported by the IMF will also catalyze support from development partners, which will help implement the authorities' strategy for Accelerated Growth and Shared Prosperity (SCAPP) for 2017-30.

'We thank the Mauritanian authorities for their warm welcome and the constructive dialogue, and we look forward to continued strong cooperation.'

IMF Communications Department



Phone: +1 202 623-7100Email: [email protected]

IMF - International Monetary Fund published this content on 10 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 November 2017 23:03:01 UTC.

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
01:06p PRESIDENCY OF REPUBLIC OF SOUTH AFRICA : President Zuma to attend SADC Troika meeting
12:19p UK's Hammond, under pressure on budget, promises more homes
12:11p Battered GE shares lure some buyers but worst may not be over
12:01p UK OIL AND GAS INDUSTRY ASSOCIATION : Oil & Gas UK makes final case for tax change ahead of UK Budget
11:56a China pledges another three years of 'toilet revolution' to boost tourism 
11:29a UK at turning point after difficult year - Hammond
10:36a PES PARTY OF EUROPEAN SOCIALISTS : 19/11/2017 PES leaders from the Western Balkans discuss integration
10:26a AMF ARAB MONETARY FUND : High-Level Policy Forum Venture Finance in the Arab World – Accelerating Arab Startups November 20-21, 2017 Amphitrite Palace, Skhirat, the Kingdom of Morocco
10:11a CBI CONFEDERATION OF BRITISH INDUSTRY : 'Investing in skills is at heart of building an economy fit for the future'
09:16a CITY OF BREA CA : Holiday Giving Is An Important Brea Tradition
Latest news "Economy & Forex"