The International Monetary Fund, IMF has announced that the government of the West African nation of Mauritania is expected to receive a grant of $163 million assistance package to undertake economic reforms.
According to the IMF, initial draft approval has been obtained and a final approval by the board of directors is expected in December, reports say. The conditional approval was made after the visit of an IMF delegation to Mauritania between September 25 – October 6.
The IMF expects Mauritania to undertake reforms which address and foster inclusive and diversified growth, maintain the macro-economic stability, restore debt sustainability and reduce poverty.
The IMF also expects Nouakchott to improve banking supervision, improve business climate and develop the social security scheme, Jeune Afrique reports.
The multi million dollar credit facility will assist with establishing a competitive exchange market and a modernized monetary policy framework. More credit facilities will be open to the country for the next few years.
The arrangement makes the Mauritania eligible for the credit over three years.
West African Journal Magazine