Economy >
Overview


Half the population still depends on agriculture and livestock for a
livelihood, even though many of the nomads and subsistence farmers were
forced into the cities by recurrent droughts in the 1970s and 1980s.
Mauritania has extensive deposits of iron ore, which account for nearly
40% of total exports. The nation's coastal waters are among the richest
fishing areas in the world, but overexploitation by foreigners threatens
this key source of revenue. The country's first deepwater port opened
near Nouakchott in 1986. In the past, drought and economic mismanagement
resulted in a buildup of foreign debt, which now stands at more than
three times the level of annual exports. In February 2000, Mauritania
qualified for debt relief under the Heavily Indebted Poor Countries
(HIPC) initiative and in December 2001 received strong support from
donor and lending countries at a triennial Consultative Group review. A
new investment code approved in December 2001 improved the opportunities
for direct foreign investment. Ongoing negotiations with the IMF involve
problems of economic reforms and fiscal discipline. In 2001, exploratory
oil wells in tracts 80 km offshore indicated potential extraction at
current world oil prices. Oil prospects, while initially promising, have
failed to materialize. Meantime the government emphasizes reduction of
poverty, improvement of health and education, and promoting
privatization of the economy.

Imports >
Commodities


machinery and equipment, petroleum products, capital goods, foodstuffs,
consumer goods

Imports >
Partners


France 16.5%, China 8.1%, Spain 6.7%, US 6.1%, Belgium 5.8%, Brazil 5.7%