Islamic Republic of Mauritania: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Islamic Repu

First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Islamic Republic of Mauritania

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 224

Publication date: July 2007

ISBN: 9781451827644

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Topics covered in this book

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Public Finance , Taxation - General , Industries - Energy , Public Policy - Social Services and Welfare , ISCR , CR , government , oil revenue management legislation , difficulty carrying out poverty reduction expenditure , governance , poverty-reduction goal , strengthening , executive board discussion , poverty-reducing spending objective , transition authorities , Oil , gas and mining taxes , Oil production , Poverty reduction

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Summary

The staff report for the First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) for the Islamic Republic of Mauritania explains the macroeconomic outlook and fiscal policy. Despite a substantial oil revenue shortfall, the fiscal deficit target was met and significant reserves were maintained in the oil fund. The prudent monetary stance contributed to strengthening confidence in the ouguiya and reining in inflation. Mauritania needs to continue to mobilize concessional support to finance its poverty reduction strategy.