(Ecofin Agency) - The International Monetary Fund says Mauritania’s economic growth should reach 6.9% this year, more than double the 3% last year. The announcement follows a mission to the country from September 25 and October 9.
Welcoming the economic reforms implemented by the authorities, the institution states that this growth should be driven by both the extractive and non-extractive sectors. Strengthening macroeconomic stability and debt sustainability should also contribute to improving the country's macroeconomic prospects.
“International reserves of the central bank reached $1,042 million in August (over 5 months of non-extractive imports), up from $918 million at end-2018. The budget yielded a sizable surplus up to August and as a result, external public debt is projected to fall to 66 percent of GDP at end-2019, down from 69 percent last year,” the IMF said.
Despite considerable external risks related to commodity price volatility and the slowdown in global growth, the IMF indicates that Mauritania’s growth is also expected to exceed 6% in 2020. These are underpinned by the planned exploitation of offshore gas fields.
Let’s note that under the $158.4 mln Extended Credit Facility signed with the country in 2017, the IMF is expected to grant Mauritania another tranche of $22 million.
Moutiou Adjibi Nourou