The Arab Monetary Fund (AMF) has granted to Mauritania a loan for $47 million designed to restructure the country’s financial sector. The loan will help conduct urgent structural reforms of the Mauritanian public finance sector through the devolution via transfer scheduling to departments, the creation of financial control units within departments, the modernization of public expenditure and the establishment of a medium-term budgets and another for ministries’ spending after a new budget nomenclature.
The loan agreement was signed on Monday in Nouakchott by the Mauritanian Finance Minister, Ousmane Kane, and the AMF’s Board of Directors Chairman and CEO, Mennaii El Jassem.
The planned activities aim at achieving a shift towards applying the concept of an income budget and improving transparency and fiscal management control in our country, said Kane in a speech he delivered when signing the documents.
For his part, Mennaii said the Arab Monetary Fund had already granted 18 loans to Mauritania amounting globally to $330 million, let alone the training of the Finance ministry’s human resources, support to banks in funding general trade (imports and exports) and the steady reduction of the country’s debt.
Source African Press Agency
