Wednesday, October 21, 2009
A majority of the population still dependence on
agriculture and livestock for a livelyhood,
even though most of the nomads and many 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 at least 50 % of total exports.
with current rises of metal prices, gold and coppeer mining companies are opening mines in the interior. The nations coastal waters are among the richest fishing areas in the world, but over exploitations by foreigners threatens this key source of revenue. The country's first deep water port opened near Nouakchott in 1986, In recent years, drought and economic mismanagement have resulted in a build up of foreign debt. In March 1999, the government signed an agreement with a joint World bank-IMF mission on a $54 million enhanced structural adjustment facility (ESAF).
The economic objectives have been set for 1999-2002. The privatisation remains one of the key issues. Mauritania is unlikely to meet ESAF's annual GDP growth objectives of 4 % to 5 .%
Oil was discovered in Mauritania in 2001 in the offshoreChingutti deposits. Although potentially significant for the Mauritanian economy, it
remainsto be seen how much ie will help the
economy. mauritania has been described as a
"desperately poor desert nation , which stradles
the Arab and African worlds and is Africa's
newest, if small scale, oil-producer. "
There may be additional oil reservs inland in the Taouldeni basin, although the harsh environment
will make extraction expensive.