[size=30]International Monetary Fund grants $ 162 million to support its economy[/size]
26/11/2017 10:36 | Number of readings: font size:
Trend Press / Agencies
The International Monetary Fund (IMF) has signed an initial agreement with Mauritania to grant it a $ 162.8 million loan over three years to support the country's economic reform program.
"This agreement, reached after a mission held consultations in Nouakchott between September 25 and October 6, still needs to be approved at the board meetings in December," the IMF said in a statement published on its official website on Sunday.
The economic reforms to be supported by the loan "are designed to promote comprehensive and diversified growth ... and to maintain macroeconomic stability and restore Mauritania's debt sustainability and poverty reduction capacity," the statement said.
He said Mauritania should "cleanse the public finances" of the country to enhance its debt sustainability and create the financial space needed to increase social spending and investment in infrastructure.
Authorities should establish a "competitive market for foreign exchange and a modern monetary policy framework," he said.