毛里塔尼亚伊斯兰共和国：根据扩展信贷机制和扩展资金机制安排进行的第五次审查、豁免绩效标准适用性的请求以及根据弹性和可持续性机制安排进行第四次审查新闻稿；员工报告；毛里塔尼亚伊斯兰共和国执行主任的发言

FIFTH REVIEWS UNDER THE ARRANGEMENTS UNDERTHE EXTENDED CREDIT FACILITY AND THE EXTENDEDFUND FACILITY, REQUEST FOR A WAIVER OFAPPLICABILITY OF PERFORMANCE CRITERIA, ANDFOURTH REVIEW UNDER THE ARRANGEMENT UNDERTHE RESILIENCE AND SUSTAINABILITY FACILITY—PRESS RELEASE;STAFF REPORT;AND STATEMENT BYTHE EXECUTIVE DIRECTOR FORTHE ISLAMIC REPUBLICOF MAURITANIA February2026 In the context of theFifth Reviews Under the Arrangements Under the Extended CreditFacility and the Extended Fund Facility, Request for a Waiver of Applicability ofPerformance Criteria, and Fourth Review Under the Arrangement Under the Resilience andSustainability Facility, the following documents have been released and are included inthis package: •APress Releaseincluding a statement by the Chair of the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onJanuary 28, 2026, following discussions that ended onNovember 7,2025, with the officials ofthe Islamic Republic of Mauritaniaon economicdevelopments and policiesunderpinning the IMF arrangementsunder theExtendedCredit Facility and the Extended Fund Facility. Based on information available at thetime of these discussions, the staff report was completed onJanuary 13, 2026. •ADebt Sustainability Analysisprepared by the staffs of the IMF and theInternationalDevelopment Association. •AWorld Bank Assessment Letter for the Resilience and Sustainability Facility. •AStatement by the Executive Directorforthe Islamic Republic of Mauritania. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public fromInternational Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. Islamic Republic of Mauritania: IMF Executive BoardCompletes Fifth Reviews of the Extended Arrangement underthe Extended Credit Facility and the Extended Fund FacilityArrangement and Fourth Review of the Resilience andSustainability Facility Arrangement FOR IMMEDIATE RELEASE •The Executive Board of the International Monetary Fund (IMF) concluded the FifthReviews of Mauritania’s Extended Credit Facility and the Extended Fund Facilityarrangements, and the Fourth Review under the Resilience and Sustainability FacilityArrangement. The decisions allow for an immediate disbursement of SDR 65.88 million(about US$ 91 million). •Modernizing the macroeconomic policy frameworks, including through theinstitutionalization of the fiscal rule and the steadfast transition to a flexible exchangerate regime, would help bolster Mauritania’s resilience to shocks, amid globaluncertainties and an escalation of regional security risks. •A swift operationalization of the Anti-Corruption Authority and effective and timelyimplementation of the laws on declaration of assets and interests, SOEs, and theNouadhibou free zone would enhance governance and business climate. •Accelerating the climate reform agenda, including the introduction of the automaticfuel pricing mechanism in parallel with well-targeted compensatory measures, wouldstrengthen Mauritania’s resilience to climate change and create fiscal space to meetMauritania’s large development needs. Washington, DC:The IMF Executive Board completed today the Fifth Reviews under the42-month blended Extended Credit Facility arrangement (ECF) and the Extended FundFacility arrangement (EFF), and the Fourth Review under the Resilience and SustainabilityFacility arrangement (RSF). The ECF/EFF were approved by the IMF Executive Board inJanuary 2023 (seePR 23/15) and the RSF was approved in December 2023 (seePR23/465).The completion of the reviews allows for the immediate disbursement of SDR 65.88million (about 91 US$ million) of which SDR 6.44 million (about US$ 9 million) under theECF/EFF and SDR 59.44 million (about US$ 82 million) under the RSF, bringing thecumulative disbursements to SDR 191.8 million (about US$ 258 million). Following a strong economic growth performance of 6.3 percent in 2024, economicactivity in 2025 is expected to have decelerated to 4.2 percent, due to a contraction in theextractive sector, notwithstanding a continued solid performance of the non-extractive activities. Amid heightened global uncertainties and growing regional security risks, themedium-term outlook remains favorable, supported by the government infrastructuredrive and private investment. The reforms in the areas of governance, monetary andfinancial sector, investment policies, and vocational training are expected to supportefforts to diversify the economy away from the extractive industries. Program performance has remained on track, with all end-June 2025 quantitative targetsmet, and most of the structural benchmarks under