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September 27, 2010

IMF: Mauritania Is Headed for Economic Recovery

International Monetary Fund officials said Mauritania has begun to implement structural reforms that are laying the foundation for sustainable economic growth.  That assessment comes after a recent visit to Mauritania, after which IMF officials also underlined that country needs to keep inflation below five percent to ensure continued growth.

During the meetings, Mauritania Minister of Economic Affairs and Development Sidi Ould Tah confirmed progress is being made in the West African country.  Tah said that in November of this year, more infrastructure projects will begin, which will help contribute to the country's efforts to reach sustainable economic development.

The IMF is supporting a three-year program in the country that aims to foster macro-economic stability in the country.

IMF Middle East and Central Asia Division Chief Boileau Loko was in charge of the mission to Mauritania.  Loko confirmed Mauritania is making progress, and non-oil GDP should reach 5.5 percent growth this year.  

Mauritania Minister of Finance Ahmed Ould Moulaye Ahmed said if progress continues the country will be able to radically change its financial reality.  Ahmed added that Maurtania hopefully will be able to rely on its own resources in the future to meet challenges.

The IMF delegation and Mauritanian authorities also agreed that strengthening social policies that ensure safety nets and improve the business climate are necessary steps for promoting development and improving the lives of Mauritanian citizens.