Posted by: mulrickillion | January 2, 2012

Press Release: IMF Executive Board Completes Third Review Under Mauritania’s Extended Credit Facility Arrangement and Approves US$17.1 Million Disbursement

Press Release No. 11/459
December 12, 2011

The Executive Board of the International Monetary Fund (IMF) completed today the third review of Mauritania’s economic performance under the program supported by an Extended Credit Facility arrangement (ECF). 1 The Board’s decision, which was taken on a lapse of time basis,2 enables the immediate disbursement of an amount equivalent to SDR 11.04 million (US$17.1 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 44.16 million (US$68.4 million).

The Executive Board approved a three-year arrangement for Mauritania in March 2010 for an amount equivalent to SDR 77.28 million (about 120 percent of the country’s quota in the IMF, see Press Release No. 10/89).

Mauritania’s macroeconomic performance continues to be strong, despite high international fuel and food prices and a severe drought. Economic activity has been resilient, inflation has been contained, and the fiscal and external positions have improved, creating space for a surge in reserves and a record decline in government borrowing.

However, significant challenges remain. . . .

Press Release: IMF Executive Board Completes Third Review Under Mauritania’s Extended Credit Facility Arrangement and Approves US$17.1 Million Disbursement

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