An International Monetary Fund (IMF) team, led by Felix Fischer, visited Nouakchott and Nouadhibou from April 28 to May 9, 2025. The purpose of the visit was to discuss the Fourth Review of Mauritania’s economic program under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF), as well as the Third Review of the Resilience and Sustainability Facility (RSF). At the conclusion of this mission, Mr. Fischer released a statement regarding their findings.
According to Mr. Fischer, "The Mauritanian authorities and IMF staff have reached a staff level agreement on policies to complete the Fourth Review of Mauritania’s 42-month blended EFF/ECF-supported program and the Third review of the RSF." This agreement is pending approval by the IMF Executive Board. If approved, Mauritania will receive disbursements totaling SDR 111 million (approximately $148.4 million).
The statement highlighted that economic activity in Mauritania exceeded expectations with a growth rate of 5.2 percent in 2024, surpassing initial projections of 4.6 percent. However, for 2025, growth is expected to slow down to 4.0 percent due to a downturn in the extractive sector. Despite this slowdown, "the medium-term outlook remains broadly positive assuming further reforms will be implemented."
Mr. Fischer noted that performance under the program is largely on track with all quantitative targets for end-December 2024 being met. He emphasized that "the fiscal adjustment was in line with program targets due to higher tax revenue and spending restraint." The commitment by authorities to maintain fiscal discipline is seen as beneficial amidst global uncertainties.
The authorities have committed to maintaining a non-extractive primary deficit at MRU 15.4 billion (3.4 percent of GDP) in 2025 through improved domestic revenue mobilization and better spending efficiency.
Progress in structural reforms was acknowledged by Mr. Fischer who stated that "the IMF team welcomed recent progress" including new banking laws and an investment code among others.
On climate initiatives, he mentioned that "the authorities continue to advance their climate agenda," noting steps such as introducing climate contributions and regulations for private energy producers.
During their visit, the IMF team engaged with several key figures including President Mohamed Ould Ghazouani and other senior government officials along with representatives from civil society and private sectors.
In closing remarks, Mr. Fischer expressed gratitude towards Mauritanian authorities for their hospitality during discussions: “The IMF team would like to thank the Mauritanian authorities...for excellent hospitality.”