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<item>
<title><![CDATA[Togo / Banque Mondiale / Note de stratégie intérimaire et Don pour la relance économique et la gouvernance pour appuyer le Togo]]></title>
<link>http://appablog.wordpress.com/2008/06/03/togo-banque-mondiale-note-de-strategie-interimaire-et-don-pour-la-relance-economique-et-la-gouvernance-pour-appuyer-le-togo/</link>
<pubDate>Mon, 02 Jun 2008 23:24:10 +0000</pubDate>
<dc:creator>appablog</dc:creator>
<guid>http://appablog.wordpress.com/2008/06/03/togo-banque-mondiale-note-de-strategie-interimaire-et-don-pour-la-relance-economique-et-la-gouvernance-pour-appuyer-le-togo/</guid>
<description><![CDATA[
		
Note de stratégie intérimaire et Don pour la relance économique et la gouvernance pour appuye]]></description>
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		</span></p>
<p style="text-align:center;"><span style="font-size:16pt;">Note de stratégie intérimaire et Don pour la relance économique et la gouvernance pour appuyer le Togo<br />
</span></p>
<p>
 </p>
<p style="text-align:justify;"><strong>WASHINGTON, 29 Mai 2008</strong> –  Le Conseil d'Administration de la Banque mondiale a approuvé le 29 mai en faveur de la République du Togo, une <strong>Note de stratégie intérimaire</strong> (NSI) et  un <strong>Don pour la relance économique et la gouvernance</strong> (DREG).
</p>
<p style="text-align:justify;">
 </p>
<p style="text-align:justify;">La Note de stratégie intérimaire définit le cadre de l'assistance de la Banque mondiale au Togo sur la période de Mai 2008 à Juin 2010, et permet à l'institution de se réengager et de répondre aux nouvelles opportunités de relance économique du pays. Les projets, programmes et études proposés dans le cadre de la NSI visent à soutenir la mise en œuvre de trois principaux piliers du Document intérimaire de stratégie de réduction de la pauvreté (DISRP) que le gouvernement togolais a adopté en Mars 2008, à savoir : (i) l'amélioration de la gouvernance économique et de la transparence ; (ii) la promotion de la relance économique et du développement durable ; et (iii) la prise en compte des besoins sociaux urgents.
</p>
<p style="text-align:justify;">
 </p>
<p style="text-align:justify;"><em>Sur les questions de gouvernance et de transparence</em>, la Stratégie prévoit ce qui suit :
</p>
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<li>
<div style="text-align:justify;"><span style="text-decoration:underline;">Un Don pour la relance économique et la gouvernance (DREG)</span>. D'un montant total d'environ 175 millions de dollars US, ce don qui a également été approuvé le 29 mai par le Conseil d'Administration de la Banque et entré en vigueur le 30 mai, a permis à la République du Togo d'apurer ses arriérés vis-à-vis de la Banque mondiale, et lui apporte un appui budgétaire immédiat. Cette opération va également contribuer à soutenir les réformes de l'Etat en matière de gouvernance et de transparence. Elle est complétée par un don du fonds fiduciaire LICUS [<em>low income countries under stress</em>] de 1,6 million de dollars US (déjà approuvé) qui fournit de l'assistance technique et financière pour : (i) améliorer la gouvernance économique des entreprises publiques opérant dans les secteurs du coton et des phosphates ; (ii) entreprendre des revues stratégiques des secteurs du café, cacao et énergie ainsi que pour le Port Autonome de Lomé ; et (iii) renforcer le système de passation des marchés publiques.
</div>
</li>
</ul>
<p style="text-align:justify;">
 </p>
<ul>
<li>
<div style="text-align:justify;"><span style="text-decoration:underline;">Deux opérations d'appui aux politiques de d</span>é<span style="text-decoration:underline;">veloppement </span>de12 millions de dollars US chacune sont prévues pour les années fiscales 2009 et 2010 et serviront à appuyer le Gouvernement dans la formulation et la mise en œuvre des réformes supplémentaires en matière de gouvernance, y compris une plus grande dissémination des informations sur l'exécution du budget, les passations des marchés et les entreprises publiques. <span style="text-decoration:underline;">Un projet d'assistance technique sur la réforme du secteur financier et la gouvernance </span>prévu pour 2009 [10 millions de dollars US] viendra ensuite soutenir le pays dans la restructuration et la relance du secteur bancaire, de la sécurité sociale, et de la microfinance, à travers le financement des audits stratégiques et l'assistance technique, et aussi dans l'amélioration de la gestion financière publique.
</div>
</li>
</ul>
<p style="text-align:justify;">
 </p>
<ul>
<li>
<div style="text-align:justify;"><span style="text-decoration:underline;">Une revue de la gestion des dépenses publiques et de la gestion financière de l'Etat</span> actuellement en cours, sera finalisée en 2009 et permettra aux autorités togolaises de préparer le programme à moyen terme pour les réformes en matière de gestion financière publique, en coordination avec les principaux partenaires au développement.
</div>
</li>
</ul>
<p style="text-align:justify;">
 </p>
<ul>
<li>
<div style="text-align:justify;">Des activités pour le <span style="text-decoration:underline;">renforcement des capacités statistiques du pays</span> qui ont déjà démarré sont également prises en compte par la NSI.
</div>
</li>
</ul>
<p style="text-align:justify;">
 </p>
<p style="text-align:justify;">Pour appuyer<em> la relance économique et le développement durable</em>, la Note de Stratégie Intérimaire prévoit des dons pour financer la réhabilitation des infrastructures principales et la restauration de la capacité de production dans les secteurs des phosphates, du coton, des banques, du port et des services. Plus spécifiquement, il s'agit : (i) d'un don de 1,5 million de dollar (déjà approuvé) pour la réhabilitation des infrastructures urbaines prioritaires sera renforcé par un <span style="text-decoration:underline;">Projet d'urgence de réhabilitation des infrastructures</span> [10 millions de dollars US, et prévu pour 2009] qui apportera également des investissements dans le secteur de l'énergie. <span style="text-decoration:underline;">Une étude sur les sources potentielles de croissance </span>est prévue pour 2009, et analysera les opportunités ainsi que les contraintes dans les secteurs de l'agriculture, particulièrement concernant la diversification des exportations agricoles, la promotion de l'élevage et l'aquaculture. Cette étude aidera à pr<span style="text-decoration:underline;">éparer un projet d'appui aux secteurs porteurs de croissance pr</span>évu pour 2010. Il est également prévu qu'en 2010, le Togo participera au Projet r<span style="text-decoration:underline;">égional de Facilitation du Transport et du Transit le long du Corridor Abidjan-Lagos. </span>
	</p>
<p style="text-align:justify;">
 </p>
<p style="text-align:justify;">Enfin, pour répondre aux besoins sociaux urgents, la Note de Stratégie Intérimaire a inclut un <span style="text-decoration:underline;">Projet de Développement Communautaire </span>(17.2 millions de dollars US) qui est actuellement en cours de préparation et dont la mise en œuvre sera démarrée avant la fin 2008. Ce projet continuera les activit<span style="text-decoration:underline;">é</span>s en cours financ<span style="text-decoration:underline;">é</span>es par le Fonds Fiduciaire LICUS dans le cadre du Programme d'Urgence pour la Réduction de la Pauvreté.
</p>
<p style="text-align:justify;">
 </p>
<p style="text-align:justify;">Pour Madame Evelyn Anna Kennedy, Analyste des opérations à la Banque mondiale et responsable de la préparation de la Note de Stratégie : « <em>La stratégie qui vient d'être approuvée répond aux besoins du gouvernement togolais tels que stipulés dans le DISRP et nous permet d'avoir une meilleure visibilité des actions à entreprendre sur les deux années à venir. Nous espérons qu'au terme de ces deux ans, nous serons en mesure de présenter une stratégie complète, avec d'autres projets et programmes qui viendront renforcer toutes les actions que nous sommes en train d'entreprendre actuellement pour la relance économique du Togo</em> ».
</p>
<p style="text-align:justify;">
 </p>
<p style="text-align:justify;">Madame Christina Wood, Economiste principale et responsable de l'élaboration du Don pour la Relance Economique et la Gouvernance (DREG) quant à elle a déclaré ce qui suit : « <em>Le Don pour la Relance Economique et la Gouvernance est une opération fondamentale du premier pilier de la Note de Stratégie Intérimaire, visant à appuyer les efforts du Gouvernement pour relancer l'économie togolaise après une longue période d'instabilité et de suspension de l'aide. Ce Don a facilité l'apurement des arriérés du Togo dus à l'IDA ; cet apurement constitue une condition préalable pour la reprise des opérations régulières de la Banque mondiale avec le Togo. Le volet « appui budgétaire » du Don marque le début d'un programme ciblé de la Banque mondiale pour soutenir les de réformes du pays en matière de gouvernance</em> ».</p>
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<title><![CDATA[Liberia / World Bank approves US$10 million grant for Liberia’s emergency food crisis response program]]></title>
<link>http://appablog.wordpress.com/2008/05/31/liberia-world-bank-approves-us10-million-grant-for-liberia%e2%80%99s-emergency-food-crisis-response-program/</link>
<pubDate>Sat, 31 May 2008 02:06:26 +0000</pubDate>
<dc:creator>appablog</dc:creator>
<guid>http://appablog.wordpress.com/2008/05/31/liberia-world-bank-approves-us10-million-grant-for-liberia%e2%80%99s-emergency-food-crisis-response-program/</guid>
<description><![CDATA[
	
World Bank approves US$10 million grant for Liberia&#8217;s emergency food crisis response progra]]></description>
<content:encoded><![CDATA[<p style="text-align:center;"><img src="http://appablog.files.wordpress.com/2008/05/053108-0206-liberiaworl1.jpg">
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<p><span style="font-family:Times New Roman;font-size:12pt;"><strong>World Bank approves US$10 million grant for Liberia's emergency food crisis response program<br />
</strong></span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;"><br>Press Release No:2008/339/AFR<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">Washington, May 29, 2008 - - The Board of Directors of the World Bank today approved a total grant of US$10 million to finance Liberia's Emergency Food Crisis Response Program. Liberia is among the first batch of countries receiving emergency assistance from the Bank's Global Food Price Crises Response Trust Fund.<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">Globally, prices of staple food commodities have increased dramatically, adversely impacting poor people by increasing hunger, malnutrition, and reliance on food aid. For example, wheat prices have increased by 200 percent, while overall food prices have risen by 33 percent. According to the U.N. Food and Agriculture Organization, of the 36 countries that are in the grip of a severe food security crisis, 21 are in Africa.<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">The Bank is taking a holistic approach to helping affected countries manage the risks posed by high food prices, including providing policy advice in countries where the social risks are greatest. Recognizing the critical need to boost food production, the Bank is expecting to nearly double its lending for boosting agricultural production in Africa to $700 million (up from $420 million).<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">In Liberia, the increases in oil and food prices have resulted in an acceleration of inflation during the first quarter of 2008. Food costs 25% more in January 2008 compared to one year before. Since Liberia imports 70% of its food needs, higher food and fuel prices are also likely to have an adverse impact on the country's external balance<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">Government Response to the Crisis<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">Government, in consultation with Development Partners, outlined a number of measures to deal with the situation:<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">- Removal tariffs on rice imports; and reducing the risk of supply interruptions by negotiating supply contracts with friendly governments;<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">- Direct assistance to most vulnerable households and targeted feeding programs such as school feeding and supplementary feeding for pregnant and lactating mothers. Government is also working to develop a food- or cash-for-work scheme to provide additional income-generating opportunities during the lean season for under-employed households.<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">- Distribution of essential planting materials (mainly seeds and fertilizer), improved post-harvest systems (basic processing technology such as rice millers and improved storage facilities) to reduce post-harvest losses. Government is also facilitating access to land for people wanting to farm.<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">According to Ohene Nyanin, World Bank Country Manager for Liberia, 'this grant was put together under the leadership of the government and within the broader framework of the joint UN System food security and nutrition response, as a quick intervention to the worsening food situation. I would like to take this opportunity to commend all partners for their spirit of collaboration and the speed with which this package was conceived and prepared. We now have to move quickly into implementation to ensure that needy people do not suffer even more.'<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">Components of World Bank Assistance<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">The program approved today provides for two existing World Bank projects to be scaled up specifically to address food price concerns – these are Components 1 and 2 below. It also provides for a new Bank project to support an existing school feeding program implemented by WFP – component 3 below.<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">Component 1: Agricultural Productivity Intervention (US$3.0 million) to raise production primarily through increasing yields and reduced post-harvest losses. It will include marketing accessibility improvement to facilitate the supply of goods to consumers particularly in the urban areas. This will build on the existing intervention under the Agricultural Infrastructure Development Project which includes similar interventions in food crops and small-holder tree crops for export. It is expected to benefit around 150,000 small farmers. It will also establish a local seed multiplication facilities to produce around 1,000metric tons of certified seed to farmers.<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">Component 2: Cash for Work Employment Program (US$3.0 million). The Liberia Agency for Community Empowerment (LACE) which receives Bank support under the Community Empowerment Project (CEP) will implement the activities under this component, in particular the creation of 800,000 person day temporary jobs through a labor intensive public works program. Works will include sanitation, drainage clearance and small road maintenance, and will target both urban and rural areas. It is expected that over 75% of this component's costs will pay labor wages.<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">Component 3: Food Support for Vulnerable Women and Children (US$4.0 million). The activities to be financed under this component will include: (i) a school feeding program, (ii) take home rations for girls in grade 4 to 6, as an additional incentive to encourage greater attendance by girls, and (iii) a program for vulnerable women - mainly pregnant and lactating women. The program will cover approximately 69,600 beneficiaries and will be implemented through the World Food Program (WFP). Five of the nine most vulnerable counties will be covered.<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">Ishac Diwan, Country Director for Liberia, Ghana, Sierra Leone, Burkina Faso and Guinea notes, 'many countries in the sub-region are feeling the pinch of the global oil and food price increases, with the potential threat of reversing gains made over past decade through tough and painful economic measures. I believe, though, that the sub-region has enough capacity, both human and natural, to produce more agricultural goods to feed its populations. We are now looking very closely at how to transform agriculture in ways to substantially scale up productivity and production.'<br />
</span></p>
<p><span style="color:#111111;font-family:Times New Roman;font-size:12pt;">In a nationwide address on the subject in April, President Ellen Johnson Sirleaf stressed the need for Liberians to go back to the soil and grow the food they eat, including cassava, eddoes, corn, rice and assorted vegetable. 'The only solution to this crisis is that we must grow our own food,' she said.<br />
</span></p>
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<title><![CDATA[Tanzania / IMF Executive Board Completes the Third Review Under the Policy Support Instrument (PSI) for Tanzania]]></title>
<link>http://appablog.wordpress.com/2008/05/31/tanzania-imf-executive-board-completes-the-third-review-under-the-policy-support-instrument-psi-for-tanzania/</link>
<pubDate>Sat, 31 May 2008 01:55:00 +0000</pubDate>
<dc:creator>appablog</dc:creator>
<guid>http://appablog.wordpress.com/2008/05/31/tanzania-imf-executive-board-completes-the-third-review-under-the-policy-support-instrument-psi-for-tanzania/</guid>
<description><![CDATA[
	
Press Release No. 08/129 FOR IMMEDIATE RELEASE May 30, 2008  
	
IMF Executive Board Completes th]]></description>
<content:encoded><![CDATA[<p style="text-align:center;"><img src="http://appablog.files.wordpress.com/2008/05/053108-0154-tanzaniaimf1.gif">
	</p>
<p>Press Release No. 08/129 <br>FOR IMMEDIATE RELEASE <br>May 30, 2008 <br><span style="font-size:10pt;"> </span>
	</p>
<p style="text-align:center;"><strong>IMF Executive Board Completes the Third Review Under the Policy Support Instrument (PSI) for Tanzania</strong>
	</p>
<p>The Executive Board of the International Monetary Fund (IMF) today completed the third review under a three-year Policy Support Instrument (PSI) for Tanzania.
</p>
<p>The PSI was approved on February 16, 2007 and is aimed at sustaining broad-based high growth and accelerating progress in poverty reduction. To that end, the PSI supports enhancing public resource mobilization and efficiency of spending; bolstering financial sector reforms and the effectiveness of monetary policy; and improving the business climate to stimulate private sector-led growth.
</p>
<p>Following the Board's discussion on Tanzania, Mr. Murilo Portugal, Deputy Managing Director and Acting Chair, made the following statement:
</p>
<p>"Tanzania's continued implementation of sound macroeconomic policies has contributed to sustained robust economic growth. High global fuel and food prices pose challenges, but
</p>
<p>Tanzania's flexible exchange rate policy, ample stock of international reserves, and a favorable near-term agricultural outlook should help to cushion the adverse effects of these shocks. Persistent high petroleum prices and slow world economic growth could, however, dampen Tanzania's economic growth prospects.
</p>
<p>"Implementation of the government's budget in 2007/08 has been strong—again led by an impressive revenue performance. For the year ahead uncertainty about donor assistance has complicated budget preparations. While there is some scope for domestic financing to ensure continuity of critical public expenditures, greater spending restraint may also be necessary if aid flows fall significantly short of projections.
</p>
<p>"The marked improvement in monetary and foreign exchange operations over the past several months has enhanced the predictability of the Bank of Tanzania's monetary policy and contributed to a welcome decline in yields on government securities. Looking ahead, monetary policy will need to remain vigilant to ensure that pressures from high global fuel and food prices do not spread to other sectors, while providing sufficient room for continued expansion of credit to the private sector.
</p>
<p>"The government's focus on improving infrastructure as well as health and education services, while ensuring long-term debt sustainability, is appropriate to raise Tanzania's growth potential. To that end, there is scope for increased reliance on public-private partnerships, provided that high standards of transparency and accountability are in place to guard against fiscal risks associated with contingent liabilities.
</p>
<p>"Recent cases of alleged fraud and corruption have raised concerns, and continued progress in strengthening governance and public accountability is paramount to restore confidence. Steps taken so far, including the action plan to implement recommendations from the special audit of the Bank of Tanzania, are encouraging. In addition, the authorities have requested a voluntary safeguards assessment of the central bank from the Fund.
</p>
<p>"With respect to Tanzania's breach of its obligation under Article VIII, Section 5 of the Fund's Articles of Agreement to provide accurate information to the Fund, the authorities have taken appropriate remedial measures and no further action is required," Mr. Portugal said.
</p>
<p>The IMF's framework for PSIs is designed for low-income countries that may not need IMF financial assistance, but still seek close cooperation with the IMF in preparation and endorsement of their policy frameworks. PSI-supported programs are based on country-owned poverty reduction strategies adopted in a participatory process involving civil society and development partners. This is intended to ensure that PSI-supported programs are consistent with a comprehensive framework for macroeconomic, structural, and social policies to foster growth and reduce poverty. Members' performance under a PSI is reviewed semi-annually, irrespective of the status of the program.
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<p><br><br><br><br><br><br><br><br />
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<title><![CDATA[TICAD IV  / La quatrième Conférence internationale de Tokyo sur le développement de l'Afrique (TICAD IV) établit un cadre pour « un siècle de croissance africaine »]]></title>
<link>http://appablog.wordpress.com/2008/05/30/ticad-iv-la-quatrieme-conference-internationale-de-tokyo-sur-le-developpement-de-lafrique-ticad-iv-etablit-un-cadre-pour-%c2%ab-un-siecle-de-croissance-africaine-%c2%bb/</link>
<pubDate>Fri, 30 May 2008 18:06:46 +0000</pubDate>
<dc:creator>appablog</dc:creator>
<guid>http://appablog.wordpress.com/2008/05/30/ticad-iv-la-quatrieme-conference-internationale-de-tokyo-sur-le-developpement-de-lafrique-ticad-iv-etablit-un-cadre-pour-%c2%ab-un-siecle-de-croissance-africaine-%c2%bb/</guid>
<description><![CDATA[
		

 
Pour diffusion immédiate
	
La quatrième Conférence internationale de Tokyo sur le dévelo]]></description>
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<p>
 </p>
<p><span style="text-decoration:underline;"><strong>Pour diffusion immédiate</strong></span>
	</p>
<p style="text-align:center;"><span style="font-size:14pt;"><strong>La quatrième Conférence internationale de Tokyo sur le développement de l'Afrique (TICAD IV) établit un cadre pour « un siècle de croissance africaine »</strong><br />
		</span></p>
<p><strong>Yokohama, Japon, le 30 mai 2008 – </strong>Des représentants de 51 pays d'Afrique, dont 40 chefs d'État et de gouvernement, se sont joints au Premier ministre japonais, M. Yasuo Fukuda, pour créer un plan de travail visant à réaliser « un siècle de croissance africaine » à l'occasion de la quatrième Conférence internationale de Tokyo sur le développement de l'Afrique (TICAD IV). Le Sommet de la TICAD IV qui s'est tenu du 28 au 30 mai 2008 à Yokohama au Japon prend fin aujourd'hui.
</p>
<p>Le Premier ministre, M. Fukuda a déclaré dans son allocution liminaire qu'« à l'avenir, l'Afrique deviendra un puissant moteur de la croissance mondiale ». Il a annoncé un ensemble d'initiatives en faveur du développement de l'Afrique, y compris une augmentation substantielle de l'Aide publique au développement (APD) du Japon au cours des cinq prochaines années, afin de stimuler les progrès à accomplir pour atteindre les Objectifs du Millénaire pour le développement (OMD) d'ici 2015.
</p>
<p>« Le plus important, c'est le développement de l'infrastructure, afin de stimuler l'engouement en faveur de la croissance africaine », a déclaré le Premier ministre, M. Fukuda. « Les expériences qu'ont connues le Japon et d'autres pays d'Asie nous ont appris que l'amélioration des infrastructures de transport est primordiale pour attirer les investissements privés ».
</p>
<p>Le Premier ministre Fukuda a également annoncé que le Japon s'engage à offrir jusqu'à 4 milliards de dollars de prêts dans le cadre de l'APD pour aider les pays africains à développer des secteurs comme l'infrastructure et l'agriculture, et à fournir un appui financier de 2,5 milliards de dollars, avec entre autres la mise en place du Mécanisme pour l'investissement en Afrique de la Banque japonaise pour la coopération internationale (JBIC).
</p>
<p>Le Sommet de la TICAD IV a adopté la « Déclaration de Yokohama », qui définit les principes auxquels les parties prenantes de la TICAD souscrivent pour faire progresser le développement en Afrique, ainsi que le « Plan d'action de Yokohama » et le « Mécanisme de suivi de Yokohama », qui représentent deux feuilles de route pour des initiatives concrètes aux objectifs chiffrés. Les participants se sont félicités de l'adoption de ces deux derniers documents novateurs.
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	</p>
<p>
 </p>
<p>La TICAD IV, dont le thème est « Vers une Afrique qui gagne : un continent d'espoir et d'opportunités », a abordé, entre autres, les thèmes suivants :
</p>
<p style="margin-left:75pt;">1)  encourager la croissance économique ;
</p>
<p style="margin-left:75pt;">2)  assurer la « sécurité humaine », y compris la réalisation des Objectifs du  Millénaire pour le développement, la consolidation de la paix et la democratisation ; et
</p>
<p style="margin-left:75pt;">3)  traiter les questions de l'environnement et du changement climatique.
</p>
<p>« Le thème de la conférence reflète adéquamment les résultats impressionnants enregistrés par beaucoup de pays africains, s'est réjoui Kemal Derviş, Administrateur du PNUD. En termes de progrès économique global, la croissance moyenne annuelle en Afrique subsaharienne dépasse cinq pour cent depuis 2004. Elle a atteint 6 pour cent en 2007, soit un pour cent de plus que la moyenne mondiale ».
</p>
<p>La Secrétaire général adjointe des Nations Unies, le Dr Asha-Rose Migiro, a déclaré qu'il était urgent d'agir. « Si les États africains et leurs partenaires du développement font un effort concerté, nous pourrons atteindre ces objectifs pour un monde meilleur », a-t-elle souligné.
</p>
<p>Pour atténuer l'impact de la hausse mondiale des prix alimentaires, elle a lancé un appel pour un soutien plus prononcé de la communauté internationale et des pouvoirs publics africains en faveur du secteur de l'agriculture sur tout le continent et des mesures rapides afin de mettre en oeuvre les recommandations de la Déclaration de Yokohama ainsi que celles du Groupe de pilotage pour la réalisation des OMD en Afrique.
</p>
<p>« Les objectifs du groupe de la Banque mondiale sont très clairs en ce qui concerne l'Afrique, a déclaré le Président de cette institution, Robert B. Zoellick. Je suis convaincu qu'au cours des quinze prochaines années, la génération actuelle, la génération de vos dirigeants, verra l'Afrique devenir un des nouveaux pôles de la croissance mondiale, tout comme au cours des dernières années, nous avons vu la Chine, l'Inde et d'autres devenir des pôles complémentaires de la croissance dans le monde en développement ».
</p>
<p>Le Président de la Republique unie de Tanzanie, Jaykaya Kikwete, qui est également Président de l'Assemblée des Chefs d'Etat de l'Union africaine, a exprimé l'espoir que par le biais de la TICAD, le Japon ferait davantage  pour encourager les investissements du secteur privé en Afrique. Il a également fait remarquer que l'Afrique subit bien plus que sa part de problèmes liés au réchauffement climatique alors que c'est elle qui y contribue le moins.
</p>
<p>« Nous saluons le leadership japonais qui a permis d'obtenir un large consensus mondial sur un mécanisme pratique qui remplacera le Protocole de Kyoto et nous nous félicitons de l'établissement par le Japon, d'un Fonds de lutte contre le changement climatique de 10 milliards de dollars », a déclaré le Président Kikwete. Il a exhorté le Japon à attribuer un pourcentage substantiel de ce Fonds à l'Afrique.
</p>
<p>Le Premier ministre  Fukuda a insisté sur les principes directeurs de la TICAD relatifs à  l'appropriation par l'Afrique de son développement et du partenariat international pour le développement qui guident son processus depuis l'organisation de la TICAD I en 1993. Le Japon réservera pour l'Afrique « une portion importante » d'une nouvelle enveloppe de 100 millions de dollars d'aide alimentaire d'urgence, a encore annoncé le Premier ministre, afin d'aider le continent à amortir l'impact de la flambée des prix alimentaires et de stimuler une « révolution verte » africaine qui permettra de doubler la production actuelle de riz, qui est de 14 millions de tonnes par an, au cours des dix prochaines années.
</p>
<p>Au cours des années à venir, le Japon contribuera à hauteur de 560 millions de dollars au Fonds mondial de lutte contre le sida, la tuberculose et le paludisme. Environ 60 pour cent de cette somme ira à l'Afrique. Le Japon assurera la formation de 100 000 agents de la santé au cours des cinq prochaines années afin de répondre à des pénuries catastrophiques dans ce domaine.
</p>
<p>La TICAD IV a enregistré la présence de plus de 3 000 participants, dont 74 hauts  dirigeants et représentants d'organisations internationales ou régionales, du secteur privé et d'organisations de la société civile et autres personnalités éminentes, qui ont de manière substantielle contribué aux débats. Participaient également à la conférence des représentants de haut niveau, dont certains au niveau ministériel de 34 pays partenaires, y compris le G8 et d'autres pays industrialisés ainsi que des pays d'Asie.
</p>
<p>Le Japon présentera les conclusions de la TICAD IV au Sommet du G8, qui se tiendra du 7 au 9 juillet 2008 à Hokkaido Toyako, sous la présidence du Premier ministre japonais, afin de faire prendre en compte les priorités de l'Afrique à cette assemblée des grandes puissances économiques mondiales.
</p>
<p>Au cours de la TICAD IV, le Japon a décerné pour la première fois les premiers Prix Hideyo Noguchi Afrique à Brian Greenwood pour la recherche médicale et au Dr. Miriam K. Were pour les services médicaux. Le lauréat de chaque catégorie de prix s'est vu remettre une somme de 100 millions de yens (environ un million de dollars US). Ce prix a été créé en 2006 pour honorer la mémoire du Dr Hideyo Noguchi, éminent chercheur japonais décédé il y a quatre-vingts ans environ au Ghana, où il vivait et poursuivait des recherches sur la fièvre jaune.
</p>
<p>La TICAD, dont le lancement a eu lieu à Tokyo en 1993, constitue un dialogue politique de haut niveau entre les dirigeants africains et leurs partenaires de développement. Le processus qui s'est poursuivi avec la TICAD II (1998) et la TICAD III (2003) est devenu un cadre mondial majeur pour promouvoir les initiatives de développement en Afrique.
</p>
<p>
 </p>
<p><span style="text-decoration:underline;"><strong><em>Pour de plus amples informations, veuillez contacter:</em></strong></span>
	</p>
<p>
 </p>
<p>Nicholas Gouede (Contact des co-organisateurs pour la communication), Bureau Afrique TICAD/PNUD, New York; e-mail : <a href="https://webmail.undp.org/OWA/redir.aspx?C=1a70e59318744313bf367de6640e2103&#38;URL=mailto%3anicholas.gouede%40undp.org" target="_blank"><span style="color:blue;text-decoration:underline;">nicholas.gouede@undp.org</span></a> ;  Téléphone : +1 (212) -906-5954; portable aux Etats Unis d'Amérique : +1 (917) 373 5030; Portable au Japon: :  (+81) 802 610 6316
</p>
<p>Dossier de presse: <a href="http://www.ticad.net/french/home.shtml">www.ticad.net/french/home.shtml</a>
	</p>
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<title><![CDATA[Mauritania / IMF Executive Board Concludes 2008 Article IV Consultation with Mauritania]]></title>
<link>http://appablog.wordpress.com/2008/05/30/mauritania-imf-executive-board-concludes-2008-article-iv-consultation-with-mauritania-2/</link>
<pubDate>Fri, 30 May 2008 13:57:31 +0000</pubDate>
<dc:creator>appablog</dc:creator>
<guid>http://appablog.wordpress.com/2008/05/30/mauritania-imf-executive-board-concludes-2008-article-iv-consultation-with-mauritania-2/</guid>
<description><![CDATA[
	
IMF Executive Board Concludes 2008 Article IV Consultation with Mauritania

Public Information No]]></description>
<content:encoded><![CDATA[<p style="text-align:center;"><img src="http://appablog.files.wordpress.com/2008/05/053008-1357-mauritaniai1.gif">
	</p>
<p><span style="color:#004490;font-family:Verdana;font-size:11pt;"><strong>IMF Executive Board Concludes 2008 Article IV Consultation with Mauritania<br />
</strong></span></p>
<p><span style="color:#505050;font-family:Verdana;"><span style="font-size:8pt;">Public Information Notice (PIN) No. 08/62</span><span style="font-size:9pt;"><br></span><span style="font-size:8pt;"><a>May 29, 2008</span><span style="font-size:9pt;"><br />
			</span></span></p>
<p>
 </p>
<p><span style="color:#505050;"><span style="font-family:Arial;font-size:12pt;"><strong><em>Public Information Notices (PINs)</em></strong> form part of the IMF's efforts to promote transparency of the IMF's views and analysis of economic developments and policies. With the consent of the country (or countries) concerned, PINs are issued after Executive Board discussions of Article IV consultations with member countries, of its surveillance of developments at the regional level, of post-program monitoring, and of ex post assessments of member countries with longer-term program engagements. PINs are also issued after Executive Board discussions of general policy matters, unless otherwise decided by the Executive Board in a particular case.</span><span style="font-family:Verdana;font-size:9pt;"><br />
			</span></span></p>
<p style="text-align:center;">
 </p>
<p><span style="font-family:Verdana;font-size:9pt;"><span style="color:#505050;">On May 19, 2008, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Mauritania.<a></span><span style="color:#333333;text-decoration:underline;"><sup>1</sup></span><span style="color:#505050;"><br />
			</span></span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;"><strong>Background</strong><br />
		</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Mauritania's macroeconomic performance over recent years was satisfactory, despite a steeper-than-expected decline in oil production reflecting persistent technical problems and a difficult external environment. Real non-oil GDP growth is estimated to have increased to 5.9 percent in 2007 driven by a rebound in agriculture and new mining projects. The current account deficit deteriorated, reflecting higher food prices and lower oil exports. Gross international reserves position, however, strengthened to 1.9 months of imports of goods and services at end-December 2007.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">The authorities adopted fiscal measures in the 2008 budget to alleviate the social impact of food and petroleum price increases. By end-2007, year-on-year inflation had picked up to 7.4 percent in December from 5.9 percent in September, but was still lower than the 8.9 percent realized in 2006.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">All end-December 2007 quantitative and structural performance criteria and benchmarks under the Poverty Reduction and Growth Facility (PRGF) program were met. In particular, the basic non-oil fiscal deficit—excluding foreign-financed spending—reached 2.5 percent of non-oil GDP (compared to 2.9 percent envisaged under the program), reflecting higher-than-expected tax revenues. Poverty-related spending also exceeded the program target as pro-poor spending accelerated in the second half of the year. VAT and custom duties exemptions were eliminated on a list of essential goods; a centralized taxpayer database covering the main cities, Nouakchott and Nouadhibou, was introduced in December. Transparency in the oil sector was further enhanced by the finalization of the audit of the 2006 financial statements of the national hydrocarbon company (SMH) and the publication of oil production sharing contracts. A new mining code setting a clear regulatory and fiscal regime that is favorable to investors was transmitted to parliament.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">In the context of limited oil revenue prospects for the next few years, the authorities have engaged in a comprehensive reform agenda to stimulate non-oil growth and reduce poverty in the context of the PRGF-supported program. In particular, they intend to improve infrastructure, enhance competitiveness, promote private sector development, improve fiscal management, fight corruption, maintain macroeconomic stability, and increase government's efficiency in delivering public services. To support their development plan, the authorities successfully organized a consultative group meeting in Paris in December 2007, where they received financial pledges amounting to US$2.1 billion.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Mauritania reiterated its strong commitment to the reform program supported by the PRGF. To mitigate the impact of high international food and petroleum prices and avoid a potential food access crisis, it adopted a comprehensive emergency program, aimed at ensuring food stock availability, developing income-generating activities, and avoiding further utility tariff increases.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;"><strong>Executive Board Assessment</strong><br />
		</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Executive Directors commended the authorities for Mauritania's continued satisfactory performance under the PRGF-supported program. Despite a difficult external environment, non-oil GDP growth has been strong, and sound macroeconomic management has led to a containment of inflation, an improvement in the fiscal stance, and an enhancement of the country's foreign exchange reserves. At the same time, Directors noted that Mauritania's near-term prospects have become more challenging. The immediate priority is to address the social and economic impact stemming from higher food and oil prices. Over the medium term, it will be important to further entrench macroeconomic stability and reduce the economy's vulnerability to limited oil revenue prospects, while accelerating private sector led growth to reduce unemployment and raise living standards.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors welcomed the authorities' timely emergency response plan to the potential food access crisis, which aims at ensuring food access and mitigating the impact of high international prices through a set of well-defined measures. They stressed that the one-off measures should be well-targeted to ensure their effectiveness and should not become a permanent burden on the budget. Directors were reassured by the authorities' intention to monitor the situation closely, and were encouraged by their efforts to foster domestic agricultural production and productivity over the longer term.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors commended the authorities' prudent fiscal policy and their intention to contain the basic non-oil fiscal deficit in 2008 and beyond. Continued fiscal prudence in the context of a medium-term budget framework will help create the additional fiscal space and investor confidence needed to address the country's development challenges, including by attracting externally-financed investment. Directors welcomed the measures to improve domestic taxation with a view to broadening the tax base, promoting investments, and reducing the share of the informal sector. They were encouraged by the authorities' intention to continue to increase spending on essential capital and poverty-reducing projects, while containing current expenditures.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors supported the authorities' prudent monetary policy stance, aimed at controlling inflation in the context of a flexible exchange rate regime. They called for continued vigilance in the face of recent inflationary pressures, including from higher international food prices. Directors noted that the real exchange rate is in line with fundamentals.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors emphasized the importance of accelerating structural reforms to foster private sector development, including in sectors with a potential for high value added and job creation. The most significant impediments to growth to be tackled include the limited access to bank financing, the tax regulations burden, poor infrastructure and weak governance. Directors welcomed plans to further modernize the tax and customs administrations with Fund technical assistance, and encouraged the government to sustain efforts to restructure key public enterprises. In particular, they stressed the importance of restructuring the electricity company.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors welcomed the authorities' ambitious multi-pronged banking sector reform strategy, in line with the Financial Sector Assessment Program recommendations, which is critical to creating the conditions for higher private sector-led growth. They emphasized the importance of bolstering the weak banks and disposing of the large stock of nonperforming loans. The increased presence of foreign banks is likely to boost competition, and, along with improved banking supervision, should strengthen the financial sector.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors encouraged the new government to pursue a prudent debt strategy and debt management framework aimed at further mobilizing concessional support to finance its poverty reduction strategy, including through the delivery by donors of the December 2007 consultative<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">group meeting pledges. In order to strengthen Mauritania's debt sustainability, they welcomed the authorities' efforts to reach an early agreement with the bilateral creditors that have not yet provided debt relief under the Heavily Indebted Poor Countries Initiative.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors encouraged the authorities to continue to strengthen their economic statistics, including debt data, to improve economic decision-making.</span>
	</p>
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<title><![CDATA[Mauritania / IMF Executive Board Concludes 2008 Article IV Consultation with Mauritania]]></title>
<link>http://appablog.wordpress.com/2008/05/30/mauritania-imf-executive-board-concludes-2008-article-iv-consultation-with-mauritania/</link>
<pubDate>Fri, 30 May 2008 13:55:19 +0000</pubDate>
<dc:creator>appablog</dc:creator>
<guid>http://appablog.wordpress.com/2008/05/30/mauritania-imf-executive-board-concludes-2008-article-iv-consultation-with-mauritania/</guid>
<description><![CDATA[
	





IMF Executive Board Concludes 2008 Article IV Consultation with Mauritania

Public Informati]]></description>
<content:encoded><![CDATA[<p style="text-align:center;"><img src="http://appablog.files.wordpress.com/2008/05/053008-1354-mauritaniai1.gif">
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<p><span style="color:#004490;font-family:Verdana;font-size:11pt;"><strong>IMF Executive Board Concludes 2008 Article IV Consultation with Mauritania<br />
</strong></span></p>
<p><span style="color:#505050;font-family:Verdana;"><span style="font-size:8pt;">Public Information Notice (PIN) No. 08/62</span><span style="font-size:9pt;"><br></span><span style="font-size:8pt;"><a>May 29, 2008</span><span style="font-size:9pt;"><br />
								</span></span></p>
<div>
<table style="border-collapse:collapse;background:#eeeedd;" border="0"><col><br />
<tbody valign="top">
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<td vAlign="middle" style="border-top:solid black 0.75pt;border-left:solid black 0.75pt;border-bottom:solid black 0.75pt;border-right:solid black 0.75pt;padding:1px 13px 1px 1px;">
<p style="margin-left:6pt;"><span style="color:#505050;font-family:Arial;font-size:12pt;"><strong><em>Public Information Notices (PINs)</em></strong> form part of the IMF's efforts to promote transparency of the IMF's views and analysis of economic developments and policies. With the consent of the country (or countries) concerned, PINs are issued after Executive Board discussions of Article IV consultations with member countries, of its surveillance of developments at the regional level, of post-program monitoring, and of ex post assessments of member countries with longer-term program engagements. PINs are also issued after Executive Board discussions of general policy matters, unless otherwise decided by the Executive Board in a particular case.</span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p><span style="font-family:Verdana;font-size:9pt;"><span style="color:#505050;">On May 19, 2008, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Mauritania.<a></span><span style="color:#333333;text-decoration:underline;"><sup>1</sup></span><span style="color:#505050;"><br />
								</span></span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;"><strong>Background</strong><br />
							</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Mauritania's macroeconomic performance over recent years was satisfactory, despite a steeper-than-expected decline in oil production reflecting persistent technical problems and a difficult external environment. Real non-oil GDP growth is estimated to have increased to 5.9 percent in 2007 driven by a rebound in agriculture and new mining projects. The current account deficit deteriorated, reflecting higher food prices and lower oil exports. Gross international reserves position, however, strengthened to 1.9 months of imports of goods and services at end-December 2007.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">The authorities adopted fiscal measures in the 2008 budget to alleviate the social impact of food and petroleum price increases. By end-2007, year-on-year inflation had picked up to 7.4 percent in December from 5.9 percent in September, but was still lower than the 8.9 percent realized in 2006.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">All end-December 2007 quantitative and structural performance criteria and benchmarks under the Poverty Reduction and Growth Facility (PRGF) program were met. In particular, the basic non-oil fiscal deficit—excluding foreign-financed spending—reached 2.5 percent of non-oil GDP (compared to 2.9 percent envisaged under the program), reflecting higher-than-expected tax revenues. Poverty-related spending also exceeded the program target as pro-poor spending accelerated in the second half of the year. VAT and custom duties exemptions were eliminated on a list of essential goods; a centralized taxpayer database covering the main cities, Nouakchott and Nouadhibou, was introduced in December. Transparency in the oil sector was further enhanced by the finalization of the audit of the 2006 financial statements of the national hydrocarbon company (SMH) and the publication of oil production sharing contracts. A new mining code setting a clear regulatory and fiscal regime that is favorable to investors was transmitted to parliament.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">In the context of limited oil revenue prospects for the next few years, the authorities have engaged in a comprehensive reform agenda to stimulate non-oil growth and reduce poverty in the context of the PRGF-supported program. In particular, they intend to improve infrastructure, enhance competitiveness, promote private sector development, improve fiscal management, fight corruption, maintain macroeconomic stability, and increase government's efficiency in delivering public services. To support their development plan, the authorities successfully organized a consultative group meeting in Paris in December 2007, where they received financial pledges amounting to US$2.1 billion.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Mauritania reiterated its strong commitment to the reform program supported by the PRGF. To mitigate the impact of high international food and petroleum prices and avoid a potential food access crisis, it adopted a comprehensive emergency program, aimed at ensuring food stock availability, developing income-generating activities, and avoiding further utility tariff increases.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;"><strong>Executive Board Assessment</strong><br />
							</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Executive Directors commended the authorities for Mauritania's continued satisfactory performance under the PRGF-supported program. Despite a difficult external environment, non-oil GDP growth has been strong, and sound macroeconomic management has led to a containment of inflation, an improvement in the fiscal stance, and an enhancement of the country's foreign exchange reserves. At the same time, Directors noted that Mauritania's near-term prospects have become more challenging. The immediate priority is to address the social and economic impact stemming from higher food and oil prices. Over the medium term, it will be important to further entrench macroeconomic stability and reduce the economy's vulnerability to limited oil revenue prospects, while accelerating private sector led growth to reduce unemployment and raise living standards.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors welcomed the authorities' timely emergency response plan to the potential food access crisis, which aims at ensuring food access and mitigating the impact of high international prices through a set of well-defined measures. They stressed that the one-off measures should be well-targeted to ensure their effectiveness and should not become a permanent burden on the budget. Directors were reassured by the authorities' intention to monitor the situation closely, and were encouraged by their efforts to foster domestic agricultural production and productivity over the longer term.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors commended the authorities' prudent fiscal policy and their intention to contain the basic non-oil fiscal deficit in 2008 and beyond. Continued fiscal prudence in the context of a medium-term budget framework will help create the additional fiscal space and investor confidence needed to address the country's development challenges, including by attracting externally-financed investment. Directors welcomed the measures to improve domestic taxation with a view to broadening the tax base, promoting investments, and reducing the share of the informal sector. They were encouraged by the authorities' intention to continue to increase spending on essential capital and poverty-reducing projects, while containing current expenditures.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors supported the authorities' prudent monetary policy stance, aimed at controlling inflation in the context of a flexible exchange rate regime. They called for continued vigilance in the face of recent inflationary pressures, including from higher international food prices. Directors noted that the real exchange rate is in line with fundamentals.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors emphasized the importance of accelerating structural reforms to foster private sector development, including in sectors with a potential for high value added and job creation. The most significant impediments to growth to be tackled include the limited access to bank financing, the tax regulations burden, poor infrastructure and weak governance. Directors welcomed plans to further modernize the tax and customs administrations with Fund technical assistance, and encouraged the government to sustain efforts to restructure key public enterprises. In particular, they stressed the importance of restructuring the electricity company.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors welcomed the authorities' ambitious multi-pronged banking sector reform strategy, in line with the Financial Sector Assessment Program recommendations, which is critical to creating the conditions for higher private sector-led growth. They emphasized the importance of bolstering the weak banks and disposing of the large stock of nonperforming loans. The increased presence of foreign banks is likely to boost competition, and, along with improved banking supervision, should strengthen the financial sector.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors encouraged the new government to pursue a prudent debt strategy and debt management framework aimed at further mobilizing concessional support to finance its poverty reduction strategy, including through the delivery by donors of the December 2007 consultative<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">group meeting pledges. In order to strengthen Mauritania's debt sustainability, they welcomed the authorities' efforts to reach an early agreement with the bilateral creditors that have not yet provided debt relief under the Heavily Indebted Poor Countries Initiative.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:9pt;">Directors encouraged the authorities to continue to strengthen their economic statistics, including debt data, to improve economic decision-making.</span></p>
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<tbody valign="top">
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;"> </td>
<td vAlign="middle" style="padding:4px 3px 3px;"> </td>
<td vAlign="middle" style="padding:4px 3px 3px;"> </td>
<td vAlign="middle" style="padding:4px 3px 3px;"> </td>
<td vAlign="middle" style="padding:4px 3px 3px;"> </td>
<td vAlign="middle" style="padding:4px 3px 3px;"> </td>
<td vAlign="middle" style="padding:4px 3px 3px;"> </td>
<td vAlign="middle" style="padding:4px 3px 3px;"> </td>
</tr>
<tr>
<td colspan="8" vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"><strong>Selected Economic and Financial Indicators, 2003-08</strong></span></p>
</td>
</tr>
<tr>
<td colspan="8" vAlign="middle" style="padding:4px 3px 3px;">
<p><img src="http://appablog.files.wordpress.com/2008/05/053008-1354-mauritaniai2.png"></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2003</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2004</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2005</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2006</span></p>
</td>
<td colspan="2" vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2007<br />
</span></p>
<p style="text-align:right;"><img src="http://appablog.files.wordpress.com/2008/05/053008-1354-mauritaniai3.png"></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2008</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">Prel.</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">Proj.</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">Prel.<br />
</span></p>
<p style="text-align:right;"><img src="http://appablog.files.wordpress.com/2008/05/053008-1354-mauritaniai4.png"></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">Proj.</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">EBS/07/126</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Est.</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
</tr>
<tr>
<td colspan="8" vAlign="middle" style="padding:4px 3px 3px;">
<p><img src="http://appablog.files.wordpress.com/2008/05/053008-1354-mauritaniai5.png"></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td colspan="7" vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:center;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">(Percentage change, unless otherwise indicated)</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"><strong>National income and prices</strong></span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">GDP at constant prices</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">11.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">0.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.0</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Non-oil GDP at constant prices</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">4.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.7</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Non-oil GDP deflator</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">11.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">18.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">10.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">11.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">13.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">19.0</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Consumer price index (period average)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.3</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">10.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">12.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">6.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">7.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">7.3</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">12.5</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Consumer price index (end of period)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">16.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">8.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">7.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">7.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">12.0</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"><strong>External sector</strong></span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Exports of goods, f.o.b. (percentage change in US$)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-4.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">38.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">42.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">118.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-1.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">6.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">38.0</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"><em>Of which:</em> non-oil</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-4.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">38.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">42.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">15.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">42.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">54.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">47.9</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Imports of goods, f.o.b. (percentage change in US$)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">25.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">70.3</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">54.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-18.3</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">22.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">25.7</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Official transfers (in percent of GDP)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">6.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">4.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">3.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">3.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">4.4</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Current account balance (in percent of GDP)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-13.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-34.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-47.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-1.3</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-6.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-11.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-6.3</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Overall balance (in percent of GDP)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-10.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-7.3</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-4.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">10.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-0.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">0.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">28.6</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"><strong>Official reserves</strong></span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Gross official reserves (in millions of US$, end-period) <sup>1/</sup></span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">32</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">39</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">70</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">194</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">148</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">209</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">330.4</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">In months of following year's imports of goods and services <sup>2/</sup></span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">0.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">0.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2.8</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"><strong>Money and interest rates</strong></span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Money and quasi-money</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">25.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">13.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">14.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">15.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">15.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">18.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">18.4</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Currency in circulation</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">47.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-3.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">14.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">35.3</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-1.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">3.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">16.0</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td colspan="9" vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:center;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">(In percent of non-oil GDP)</span></p>
</td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"><strong>Consolidated government operations</strong></span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Revenue and grants</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">35.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">32.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">26.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">82.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">29.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">30.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">30.3</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Revenue and grants (excluding oil)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">35.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">32.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">26.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">71.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">25.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">27.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">27.4</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Idem, excluding grants</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">30.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">29.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">24.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">27.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">23.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">24.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">24.3</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Expenditure and net lending</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">47.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">37.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">33.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">36.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">32.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">32.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">34.1</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Overall balance including grants</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-11.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-4.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-7.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">46.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-3.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-2.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-3.9</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Overall non-oil balance excluding grants</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-16.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-8.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-9.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-9.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-8.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-7.3</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-9.8</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Overall non-oil balance including grants</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-11.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-4.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-7.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">35.3</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-6.3</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-4.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-6.7</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"><strong>External debt</strong></span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Nominal external debt (in millions of US$) 3/</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2869.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">3151.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">3318.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2540.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2667.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2708.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2045.4</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Nominal external debt (in percent of GDP) <sup>3/</sup></span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">224.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">211.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">178.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">94.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">96.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">96.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">56.4</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Memorandum items:</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Ouguiya/US$ exchange rate (end of period)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">265.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">256.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">268.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">268.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">...</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">252.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">...</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Exports, f.o.b. (in millions of US$)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">318</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">440</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">625</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1,367</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1,343</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1,454</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2,006.7</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Imports, f.o.b. (in millions of US$) <sup>4/</sup></span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">468</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">625</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">781</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">847</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">955</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1,145</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1,521</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Nominal GDP (in billions of UM)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">338</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">397</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">493</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">725</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">724</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">734</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">905</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Nominal non-oil GDP (in billions of UM)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">338</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">397</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">493</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">565</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">667</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">679</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">853</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Nominal GDP (in millions of US$)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1,276</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1,493</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1,857</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2,699</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2,762</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2,819</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">3,625</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Population (in millions)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">2.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">3.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">3.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">3.0</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">GDP per capita (in US$)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">474</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">541</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">658</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">933</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">933</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">952</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">1,196</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">REER (12-month percentage change; end of period)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-10.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">9.6</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">7.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-1.3</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">...</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">-4.0</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">...</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Price of oil (US$/barrel): APSP baseline: February 29, 2008</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">28.9</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">37.8</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">53.4</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">64.3</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">68.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">71.1</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">95.5</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Annual production of oil (in millions of barrels)</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">...</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">...</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">...</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">11.2</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.7</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">5.5</span></p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p style="text-align:right;"><span style="color:#505050;font-family:Verdana;font-size:12pt;">3.9</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"> </span> </p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td colspan="8" vAlign="middle" style="padding:4px 3px 3px;">
<p><img src="http://appablog.files.wordpress.com/2008/05/053008-1354-mauritaniai6.png"></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
<tr>
<td colspan="8" vAlign="middle" style="padding:4px 3px 3px;">
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">Sources: Mauritanian authorities; and Fund staff estimates and projections.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"><sup>1/</sup> Excluding oil account.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"><sup>2/</sup> Excluding oil exploration/production and other mining-related activities, and imports financed by FDI and aid.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"><sup>3/</sup> Includes both public and private sector external debt. Revised estimates are based on new debt stock data as of 2007 after<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;">HIPC and MDRI debt relief, include estimates for additional new borrowing in 2008 following pledges made at the consultative group meeting.<br />
</span></p>
<p><span style="color:#505050;font-family:Verdana;font-size:12pt;"><sup>4/</sup> Excluding oil, copper and gold -related activities, and imports financed by other FDI.</span></p>
</td>
<td vAlign="middle" style="padding:1px;"> </td>
<td vAlign="middle" style="padding:1px;"> </td>
</tr>
</tbody>
</table>
