Mauritania is addressing decisively the aftermath of the terms-of-trade shock
which slowed growth and widened imbalances. Following the sharp drop in iron ore
prices in 2014–15 which halved export revenues, widened imbalances, and exposed
financial vulnerabilities, the authorities cut the budget deficit by close to 5 percent of
NEGDP in 2016–17, allowed the exchange rate to depreciate, and mobilized foreign
grants and loans. These efforts succeeded in restoring macroeconomic stability and
levelling off debt to 69 percent of GDP, while growth rebounded. In parallel, the
authorities prepared an inclusive growth strategy covering 2017–30, including structural
reforms and sizable foreign-financed infrastructure investment to support growth and
diversification. Poverty, however, remains widespread at about 31 percent of the
population.
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