Mauritania Bolsters Economic and Climate Resilience With $48 Million World Bank Support Package

12 March 2024
World Bank (Washington, DC)

Washington — The World Bank Board of Directors approved a $48 million Development Policy Financing (DPF) operation for Mauritania on February 29, 2024. This operation consists of a $24 million DPF alongside a $24 million Catastrophe Deferred Drawdown Option (Cat-DDO).

This DPF operation is closely aligned with the government's priorities as established in the 2016-2030 Strategic Framework for Poverty Reduction and Sustainable Development (SCAPP) and is supported by ongoing technical assistance provided under the World Bank's FY18-FY23 Country Partnership Framework (CPF).

The financing aims to bolster the Government's efforts in enhancing fiscal and debt management while strengthening the country's resilience to climate change and disaster risks.

According to Cristina Santos, World Bank Country Manager for Mauritania, "The standalone DPF with a Cat-DDO is timely to support government reforms while providing readily available resources to face potential climate shocks."

The program comprises a wide range of initiatives, including institutionalizing the regular publication of a Medium-Term Debt Management Strategy and its Annual Borrowing Plan, alongside assessing the implementation of these strategies. It also involves adopting a robust framework for managing fiscal risks, particularly those associated with climate shocks.

Furthermore, it entails establishing a legal framework for online tax filing, increasing the Value Added Tax rate in the telecommunication sector, and introducing a levy equivalent to 5 percent of the turnover of telecommunication firms. Additionally, the program encompasses adopting a new competition law to diversify the economy, establishing a unified and gender-responsive Emergency Preparedness and Response institutional framework, implementing a new climate-informed urban planning law, and establishing a coastal observatory to monitor coastal ecosystems and guide decision-making on coastal development and protection.

The operation has been prepared following an extensive consultation process involving government officials, development partners, and representatives from the private sector and civil society, and builds upon the outcomes of previous World Bank analytics.

Read the original article on World Bank.

Tagged:
Copyright © 2024 World Bank. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.