chief of mission: Ambassador Mark M. BOULWARE embassy: 288 Rue Abdallaye, Rue 42-100 (between Presidency building and Spanish Embassy), Nouakchott mailing address: BP 222, Nouakchott telephone: [222] 525-2660/525-2663 FAX: [222] 525-1592
Flag description:
green with a yellow five-pointed star above a yellow, horizontal crescent; the closed side of the crescent is down; the crescent, star, and color green are traditional symbols of Islam
Economy
Mauritania
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.
GDP (purchasing power parity):
$5.974 billion (2007 est.)
GDP (official exchange rate):
$2.756 billion (2007 est.)