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Arab Monetary Fund lends Mauritania USD 47 mln.

ABU DHABI, Nov 23 (KUNA) -- Arab Monetary Fund (AMF) agreed Monday to lend

Mauritania USD 47 million to modernize financial administration and reforming

budget systems. The loan agreement was signed by the Mauritanian minister of finance and

AMF Board Chairman Dr. Jassem Al-Mannae. The loan, a statement by the AMF said, would aim at backing Mauritania's

reforms to match international standards. The reforms, it added, aims at improving preparations of budgets and

strengthening auditing. The loan, it went on, will boost efficiency of the administration of public

sector as well as bolstering economic growth and reducing poverty. Cooperation between Mauritania and the AMF, which so far extended USD 327

million in loans to the African country, also includes credit facilities worth

USD 43 million.

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Publication:Kuwait News Agency (KUNA)
Date:Nov 23, 2009
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