An International Monetary Fund (IMF) team led by Felix Fischer has reached a staff-level agreement with Mauritanian authorities on the Fifth Review of the country’s economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF), as well as the Fourth Review of the Resilience and Sustainability Facility (RSF). The discussions took place in Nouakchott from October 28 to November 7, 2025.
According to Mr. Fischer, “The Mauritanian authorities and IMF staff have reached a staff level agreement on policies to complete the Fifth Review of Mauritania’s 42-month blended EFF/ECF-supported program and the Fourth review of the RSF. Subject to approval by the IMF Executive Board, Mauritania will receive a disbursement of SDR 6.44 million (about US$8.7 million) under the ECF and EFF arrangements and up to SDR 59.44 million (about US$80.6 million) under the RSF arrangement.”
Mr. Fischer noted that after strong economic growth of 6.3 percent in 2024, growth is expected to slow to 4.2 percent in 2025 due mainly to contractions in both extractive and non-extractive sectors, though non-extractive performance remains solid overall. He stated, “The medium-term outlook remains broadly positive, assuming further reforms will be implemented to diversify the economy and lift non-extractive economic growth.” Inflation is projected to stay below two percent in 2025 due to ongoing macroeconomic policies.
Program targets for end-June were met, with fiscal deficits lower than planned at end-September because spending was below budgeted levels while tax collection met expectations. Mr. Fischer emphasized that global uncertainties highlight “the need to institutionalize the fiscal rule in law...and continue transition to a flexible exchange rate” as protection against external shocks such as commodity price changes.
The IMF mission welcomed steps toward program budgeting for 2026 and encouraged optimal design for new tax measures through prior impact assessments involving relevant units; it also called for progress on rationalizing tax expenditures and establishing a macro-fiscal unit for better budget preparation.
On structural reforms, Mr. Fischer said: “The IMF team took note of progress...and encouraged authorities to move swiftly” on implementing decrees related to state-owned enterprises (SOEs) and Nouadhibou’s free zone, as well as acting on recommendations from an audit report by Mauritania’s Court of Audits.
He added: “Effective implementation of declaration of assets...and swift appointment” within anti-corruption bodies are important for strengthening governance according to national strategies.
Accelerating reforms under RSF was identified as key for building resilience against climate change impacts; planned measures like automatic fuel pricing mechanisms are expected not only to create fiscal space but also require compensatory actions using social registries so vulnerable groups are protected during implementation.
During its visit, the IMF team held meetings with Prime Minister Mokhtar Ould Diay; President of Audit Court Hemid Ahmed Taleb; Central Bank Governor Mohamed Lamine Ould Dhehby; several ministers including those responsible for economic affairs, energy, hydraulics/sanitation, environment/sustainable development; senior officials; banking representatives; private sector actors; and donors.
Mr. Fischer concluded: “The IMF team would like to thank the Mauritanian authorities and various stakeholders for the excellent hospitality and cooperation and candid discussions during the mission.”