Mauritania has experienced a significant increase in financing over the past seven years, surpassing the amount received in nearly six decades since gaining independence in 1960. According to the World Bank's International Debt Report 2026, the country received $1.64 billion in financing from 2019 to 2026, compared to $1.63 billion from 1960 to June 2019. This acceleration in financing has raised concerns about the country's debt sustainability.
The World Bank's report highlights that Mauritania's debt has increased rapidly, with the country's external debt reaching $4.607 billion in 2025, a 3.5% increase from the previous year. The majority of this debt, $4.350 billion, is public or guaranteed by the state, while $257 million is short-term debt. The country's main creditors include the Arab Fund for Economic and Social Development (FADES), multilateral creditors, Saudi Arabia, and the World Bank's International Development Association (IDA).
The Mauritanian government's debt service has absorbed 8% of its export revenues in 2025, compared to 15% for the Sub-Saharan African region. While the country's debt ratios have improved, with its external debt representing 96% of exports and 40% of its gross national income (GNI), concerns remain about its debt sustainability. The International Monetary Fund (IMF) and World Bank's debt sustainability analysis in June 2026 classified Mauritania's risk of over-indebtedness as "moderate".
The World Bank's report also highlights the challenges faced by low- and middle-income countries, including Mauritania, in managing their debt. The report notes that these countries are borrowing more, paying higher interest rates, and dedicating fewer resources to long-term development. The report also warns about the impact of exchange rate fluctuations on debt, with over a quarter of the increase in public debt in 2025 attributed to the weakening of the US dollar.
Mauritania's debt to the IDA has increased rapidly, with the outstanding debt rising to $531 million in 2025 and $651 million in August 2026. The country's creditors include the FADES, Saudi Arabia, and the Kuwaiti government, with a significant portion of its debt denominated in special drawing rights (SDRs) or other currencies. While the concessional nature of these loans provides some relief, the country still faces significant repayment obligations.
The Mauritanian government's response to concerns about its debt has been that the financing commitments are not debt, but rather a form of cooperation. However, this does not address concerns about the effectiveness of these commitments in supporting development outcomes. The World Bank's report emphasizes the need for greater transparency and accountability in debt management, including the disclosure of debt figures and the terms of new loans.
The acceleration of Mauritania's debt has significant implications for its development prospects. With the country's debt service obligations absorbing a significant portion of its export revenues, there are concerns about its ability to invest in critical development areas, such as infrastructure, education, and healthcare. The government must balance its need for financing with the need to ensure debt sustainability and transparency.
Key points
- Mauritania's debt has increased rapidly in recent years, with the country receiving more financing in seven years than in nearly six decades prior.
- The country's external debt reached $4.607 billion in 2025, with the majority being public or guaranteed by the state.
- The World Bank's report highlights the challenges faced by low- and middle-income countries, including Mauritania, in managing their debt and achieving development outcomes.
