Mauritania will receive $52 million in financing from the International Monetary Fund (IMF). This was announced by the institution in a press release issued on September 2.
The new disbursement is part of an increase in the amount of the Extended Credit Facility (ECF) agreement concluded in December 2017 between the Bretton Woods institution and the Mauritanian government. Initially $164 million, the agreement increases to $193 million.
This strategy was motivated by the current pandemic context which, beyond the health crisis, created a worrying economic crisis by increasing investment needs, while restricting the sources of income of the State.
Five months after the disbursement of $130 million in emergency financing to Nouakchott, the IMF has just approved $52 million in new financing to help the Mauritanian authorities pursue their reforms. These reforms are aimed at better managing the budget deficit to facilitate the implementation of priority social spending, rebalancing the balance of payments, and ensuring macroeconomic stability.
“The IMF's continued financial assistance, along with other financings from the international community, will help Mauritania respond effectively to the covid-19 crisis by providing room for increased spending on health services and social protection programs,” said IMF Deputy Managing Director Mitsuhiro Furusawa (pictured). “Additional external support will be needed to meet potential financing needs next year,” he added.
For this year, the IMF expects a 3.2% contraction in Mauritania's economy, compared to growth of 5.9% in 2019.
Moutiou Adjibi Nourou
DRC minister visited Huawei China center to boost AI training cooperation Talks focused on launch...
DRC met Alibaba, Isoftstone to discuss adapting China’s e-commerce model Joint working group ...
China says Premier Li Qiang will attend instead of President Xi Jinping The U.S. and Russia also ...
Ghana to allocate $2.8B in 2026 budget for major road infrastructure push Funding targ...
Powered exclusively by Rolls-Royce Trent 7000, delivering 14 % lower fuel burn per seat and f...
Eswatini received $5.1M from U.S. for accepting foreign deportees Up to 160 migrants expected; first arrivals came from five countries...
UAE’s Abu Dhabi Ports explores investments in DRC’s Matadi, Boma ports Talks included infrastructure, mining, trade, and financial cooperation...
Côte d’Ivoire approved $595M budget for higher education in 2026 Funds target infrastructure upgrades, faculty hiring, and research...
Benin's ABRI inaugurated its Scientific Council to guide research priorities Council includes nine global experts, meets thrice yearly to advise...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...
Singita will invest $60m to build a 60-bed lodge on Santa Carolina Island and $42m in projects across the Bazaruto Archipelago. The...