[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111180-en":3,"doc-seo-111180-105":29,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111180,34359740700684,"Finn","https://ap-avatar.wpscdn.com/avatar/1f400023980c374ae676?_k=1777273430885731487",8,"Research & Report","Islamic Republic of Mauritania - Joint Bank-Fund Debt Sustainability Analysis - Moderate Risk Assessment","Islamic Republic of Mauritania’s risk of external and overall public debt distress is assessed as “moderate,” unchanged from the December 2023 DSA. All external and public debt indicators remain below thresholds under the baseline, while nearly all breach under the most extreme shock scenario. Debt is considered sustainable, supported by a comfortable fiscal buffer at end-June 2024 and a medium debt-carrying capacity, subject to downside risks from delayed GTA gas exploitation and adverse commodity price dynamics. The analysis emphasizes a prudent borrowing strategy relying on grants and concessional financing at a moderate pace.","Public Disclosure  \nPub lic Disc losure Authorized  \nApproved by:  \nManuela Francisco and Abebe Adugna (IDA), and Taline Koranchelian and Jacques Miniane (IMF)  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF)  \n\n| ISLAMIC REPUBLIC OF MAURITANIA\u003Cbr>JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS |  |\n| --- | --- |\n| Risk of external debt distress | Moderate |\n| Overall risk of debt distress | Moderate |\n| Granularity in the risk rating | Some space to absorb shocks |\n| Application of judgment | No |\n\nMauritania’s risk of external and overall public debt distress is assessed as “moderate”—unchanged from the previous DSA published in December 2023—with ‘some space’ to absorb shocks. All external and public debt indicators remain below their thresholds during the whole projection period under the baseline scenario, while all but one indicator breach under the most extreme shock scenario. External and public debt therefore continue to be assessed as sustainable, supported by a comfortable fiscal buffer maintained by the government at end-June 2024. Mauritania is assessed as having a medium debt-carrying capacity, in line with the previous DSA. This assessment is subject to downside risks. Further delays in the start of gas exploitation from GTA as well as adverse price fluctuations in commodity markets could lower fiscal revenue, increase external financing needs, and worsen the medium-term debt profile. Security concerns in the Sahel region and intensified geopolitical tensions present additional risks through their respective impacts on economic stability and food prices. Upside risks include the potential phases 2 and 3 of the GTA gas project and possibly other mining projects, and better than expected terms of trade developments. The DSA highlights the need to adopt a prudent borrowing strategy, that relies on grants and concessional financing taken up at a moderate pace consistent with absorptive capacity, to keep debt service contained.1  \n1 Mauritania’s Composite Indicator is estimated at 2.76 and is based on the April 2024 WEO update and 2022 WB CPIA; the debt carrying capacity is “moderate”.  \n1. The DSA covers central government and public agencies, government guaranteed debt of state-owned enterprises (SOE), and the central bank (BCM) . As in previous DSAs, public and publicly guaranteed (PPG) debt excludes non-guaranteed debt of the national mining company, the Société Nationale Industrielles et Minière (SNIM), classified as private external debt (SNIM has one publicly guaranteed loan with the Fonds Arabe for le Développement Economique et Social, FADES, which is included) .2 PPG debt excludes borrowing by the state-owned oil company, the Société Mauritanienne des Hydrocarbures, (SMH), to finance Mauritania’s participation in the Grand Tortue/Ahmeyim (GTA) offshore gas project in the baseline, instead including this loan as a contingent liability.3 Consistent with previous DSAs, external debt is defined on a residency basis.  \n\n|  |\n| --- |\n| 1\u003Cbr>2\u003Cbr>3\u003Cbr>4\u003Cbr>5\u003Cbr>6\u003Cbr>7\u003Cbr>8 Subsectors of the public sector Sub-sectors covered Central government\u003Cbr>State and local government\u003Cbr>Other elements in the general government\u003Cbr>o/w: Social security fund\u003Cbr>o/w: Extra budgetary funds (EBFs)\u003Cbr>Guarantees (to other entities in the public and private sector, including to SOEs) Central bank (borrowed on behalf of the government)\u003Cbr>Non-guaranteed SOE debt X\u003Cbr>X\u003Cbr>X |\n\n2. The authorities continue to work towards regularizing longstanding arrears. Mauritania has two remaining cases relating to longstanding arrears (neither of them included in the DSA) . The first relates to outstanding arrears to Organization of Arab Petroleum Exporting Countries (OAPEC), disbursed over 1974-1976, totaling a stock of US$7 .2 million, but is now managed by FADES. The Mauritanian authorities sent a request in 2017 to FADES for a cancellation consistent with the Heavily Indebted Poor","cbCaioVAY46hADJI","https://ap.wps.com/l/cbCaioVAY46hADJI","pdf",885084,1,28,"English","en",105,"# Debt distress risk ratings\n## Baseline versus extreme shock outcomes\n## Debt coverage and methodology\n## Key downside and upside risks\n## Arrears regularization and debt resolution progress","[{\"question\":\"How is Mauritania’s risk of debt distress assessed in the analysis?\",\"answer\":\"Both external and overall public debt distress risk are assessed as “moderate,” unchanged from the previous DSA published in December 2023.\"},{\"question\":\"What happens to debt indicators under the baseline and under the most extreme shock scenario?\",\"answer\":\"Under the baseline, external and public debt indicators stay below their thresholds throughout the projection period. Under the most extreme shock scenario, all but one indicator breaches its threshold.\"},{\"question\":\"What main risks could worsen Mauritania’s medium-term debt profile?\",\"answer\":\"Further delays in starting gas exploitation from GTA and adverse commodity price fluctuations could reduce fiscal revenue, increase external financing needs, and worsen the medium-term debt outlook.\"}]",1784488981,71,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":27},"islamic-republic-of-mauritania-joint-bank-fund-debt-sustainability-analysis-moderate-risk-assessment","",{"@graph":35,"@context":85},[36,53,68],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/islamic-republic-of-mauritania-joint-bank-fund-debt-sustainability-analysis-moderate-risk-assessment/111180/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-20","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"How is Mauritania’s risk of debt distress assessed in the analysis?","Question",{"text":75,"@type":76},"Both external and overall public debt distress risk are assessed as “moderate,” unchanged from the previous DSA published in December 2023.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"What happens to debt indicators under the baseline and under the most extreme shock scenario?",{"text":80,"@type":76},"Under the baseline, external and public debt indicators stay below their thresholds throughout the projection period. Under the most extreme shock scenario, all but one indicator breaches its threshold.",{"name":82,"@type":73,"acceptedAnswer":83},"What main risks could worsen Mauritania’s medium-term debt profile?",{"text":84,"@type":76},"Further delays in starting gas exploitation from GTA and adverse commodity price fluctuations could reduce fiscal revenue, increase external financing needs, and worsen the medium-term debt outlook.","https://schema.org",{"og:url":51,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":92},[93,97,101,105,110,115,120,123,128,131,135],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":45,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":45,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":45,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":45,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":45,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":132,"doc_module":4,"doc_module_name":45,"category_name":133,"show_sort_weight":132,"slug":134},10,"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":45,"category_name":137,"show_sort_weight":106,"slug":138},19,"General","general"]