2013年-世界发展银行全球_Islamic_Republic_of_Mauritania___Financial_Sector_Development_Strategy_and_Action_Plan_2013-2017_67页_620kb

2013 Mauritania Financial Sector Development Strategy Summary

Core Content

This document outlines the Financial Sector Development Strategy (2012-2017) for Mauritania, emphasizing the need for institutional and regulatory improvements to support economic growth, job creation, and poverty reduction. The strategy was developed by a Financial Strategy Steering Committee, with support from the World Bank and IMF, and incorporates findings from various studies and consultations.

Main Viewpoints

• The financial sector is crucial for economic development, providing financing, risk management, and payment services.
• The sector has undergone several reforms, including changes to the Central Bank's statutes, banking regulations, and microfinance and insurance frameworks.
• Despite progress, the financial sector still faces significant challenges, particularly in access to financial services, regulatory compliance, and the management of non-performing loans.
• The development of payment systems and microfinance is seen as key to improving financial inclusion and supporting SMEs and rural communities.

Key Information

I. Context and Methodology

• The financial sector includes banks, microfinance institutions (MFIs), insurance companies, and social security schemes.
• The Financial Sector Assessment Program (FSAP) was conducted by a joint IMF/World Bank mission in 2006, leading to the development of a strategy and action plan.
• A Financial Strategy Steering Committee was established to guide the strategy, drawing on various studies and input from institutions and donors.
• The strategy aims to stabilize and deepen the financial sector while improving access to financial services.

II. Current Situation

II.1 Macroeconomic Environment

• Mauritania has a dual economy: a modern economy based on mining, extractive industries, and industrial fishing, and a subsistence economy based on agriculture, livestock, and small-scale fishing.
• The service sector dominates the economy, contributing 45% of GDP, followed by the secondary sector at 35%, and the primary sector at 20%.
• GDP growth increased from 1.2% in 2009 to 5.2% in 2010, and 5.5% in 2012, with an estimated 6.4% in 2013.
• Inflation was 5.9% in 2011 and 6.1% in 2012.
• The fiscal balance improved from a deficit of 1.8% of GDP in 2011 to a surplus of 0.4% of GDP in 2012.
• Mining exports increased by 130% between 2009 and 2012, significantly improving the trade balance.

II.2 Structure of the Financial Sector

• The sector includes 17 licensed banks and 2 financial establishments, 30 licensed MFIs, 11 insurance companies, and 2 social security schemes.
• Banks hold 93% of total sector assets, with UM 487 billion in assets, UM 240 billion in loans, and UM 306 billion in deposits.
• Microfinance institutions have a total asset value of UM 1.1 billion, with UNCACEM holding 67% of sector assets.
• Payment systems are underdeveloped, with no RTGS system and manual clearing.

II.3 Institutional and Regulatory Framework

• The Central Bank of Mauritania (BCM) is governed by an Ordinance of 12 January 2007.
• Microfinance is regulated by an Ordinance of 2007, supplemented by four implementing instruments.
• Insurance is governed by Law No. 93-40 of 1993, with supervision handled by the Department of Insurance Supervision.
• Social security for private sector employees is managed by the National Social Security Fund (CNSS), while pensions for officials are handled by the Government Pension Fund.

II.4 Reforms Undertaken

• The banking sector was restructured in 1992-93, with most banks privatized.
• Central Bank statutes were amended in 2007, reinforcing autonomy and prudential standards.
• Insurance regulations were updated with the Ordinance of 2007, including increased minimum share capital and car insurance pricing.
• The payment system has seen limited progress, but GIMTEL has contributed to the development of the card system.
• Legal reforms have been introduced, including judicial organization and rules for legal officers.

II.5 Strengths and Weaknesses of the Financial Sector

• Strengths:

  • The banking system is well capitalized and liquid.
  • Islamic finance is beginning to emerge, though still limited.
  • GIMTEL has expanded card usage and transaction volume.
  • Banks and MFIs have improved operational performance.

• Weaknesses:

  • Access to financial services remains low, especially in rural areas.
  • Non-performing loans are a major concern, with some banks having non-performing ratios up to 56%.
  • Microfinance institutions face management issues, lack of IT infrastructure, and inadequate internal controls.
  • Payment systems are not modernized, and RTGS and electronic clearing are not yet implemented.
  • Regulatory framework for microfinance and mobile banking is incomplete or inadequate.

Strategic Guidelines

• The overall objective is to stabilize and deepen the financial sector.
• Intervention approaches include improving access to financial services, enhancing regulatory compliance, and modernizing payment systems.
• Operational objectives involve strengthening institutional capacities, developing financial markets, and improving financial inclusion.

Mechanisms for Implementation

• The action plan was developed with support from the World Bank and IMF.
• The strategy includes technical assistance, training programs, and regulatory reforms.
• Consultations with institutions and donors were conducted to ensure stakeholder involvement.

Annexes

• Annex I: Details the action plan for implementing the financial sector development strategy (2012-2017).
• Annex II: Provides a summary of costs by sector and category.