Mauritania's Treasury sold 3bn MRU (€67mn) of 15-year bonds on October 14 at an average yield of 5.99%, the central bank BCM said in its auction results. The bonds carry a 5.50% coupon and drew bids of 4.08bn MRU, while six-month Treasury bills sold on October 20 at an average rate of 4.09%, the BCM said.
Analysis: The 15-year issue extends Mauritania's domestic government bond maturities beyond the 10-year maximum outstanding at the end of June, finance ministry records show. Its 5.99% yield is below both September inflation of 9.3% and the BCM's 6.75% policy rate. That implies a negative inflation-adjusted yield at current inflation, though investor expectations may differ. Six-month bill yields have also declined from 4.70% in mid-June. A five-year Islamic bond auction scheduled for October 28, offering 2.11bn MRU (€47mn) at a 4% coupon, may provide another indication of demand for longer-dated securities.
Source: Banque Centrale de Mauritanie (BCM), Direction du Marché Monétaire, BCM, Résultats Obligations du Trésor 013 du 14 10 2026, Auction of October 14, 2026; Banque Centrale de Mauritanie (BCM), Direction du Marché Monétaire, BCM, Résultats de l'émission N°1308 du 13-10-2026, Auction of October 13, 2026; Banque Centrale de Mauritanie (BCM), Direction du Marché Monétaire, BCM, Résultats de l'émission N°1309 du 20-10-2026, Auction of October 20, 2026; Banque Centrale de Mauritanie (BCM), Direction du Marché Monétaire, BCM and Ministère des Finances, Avis d'appel d'offres: émission d'obligations du Trésor par adjudication du 28/10/2026, Auction of October 28, 2026; Ministère des Finances, Mauritanie, Ministère des Finances, Direction de la Dette Publique, Bulletin statistique de la dette publique au titre du deuxième trimestre 2026 (cover dated July 2026; file posted in the 2026-10 folder), June 30, 2026 and Auction of June 16, 2026; ANSADE, ANSADE, Note mensuelle de l’Indice National des Prix à la Consommation (INPC), septembre 2026, September 2026; Financial Afrik, Financial Afrik, 'Mauritania central bank tightens monetary policy...', Decision of 18 May 2026; Banque Centrale de Mauritanie (BCM), BCM, Historique des cours de change (money-rate-table), date 2026-10-26, comparison 2026-09-26, October 26, 2026
Mauritania's unemployment rate rose to 13.25% in the second quarter of 2026 from 12.14% a year earlier, statistics agency ANSADE said in the key results of its quarterly labor force survey, posted on October 12. Joblessness reached 23.50% among people aged 14 to 35 and 21.73% among women, according to the agency.
Analysis: Employment increased 5.0% from a year earlier, but the labor force grew 6.3%, lifting the number of unemployed people by 16% to 193,082, by our calculation. The share of working-age urban residents with jobs fell to 40.4% from 44.2%, while the rural employment rate rose to 43.4% from 36.4%. The contrasting trends point to greater employment pressure in cities. Employers in Nouakchott and Nouadhibou may find more applicants, particularly younger workers. ANSADE estimates broader unmet demand for work at 34.2% of the labor force. Third-quarter survey figures are expected around mid-January.
Source: ANSADE, ANSADE, Enquête Nationale Trimestrielle sur l'Emploi (ENTE), Résultats clés du deuxième trimestre 2026, Q2 2026 and Q2 2025
Mauritania's 2026–2029 development program for the Dakhlet Nouadhibou region will cost about 39.6bn MRU (€881mn), of which 25.4bn MRU (€566mn) is for infrastructure serving productive sectors, including a deep-water port and a wastewater treatment plant for the fishing industry, Finance Minister Codioro Moussa N'Guenore said on October 21 when presenting the draft 2027 budget, according to state news agency AMI.
Analysis: Infrastructure for productive sectors accounts for about 64% of the region's four-year development program, by our calculation. Spread evenly over four years, the full 39.6bn MRU program would represent about 7% of projected 2027 state spending annually, though no annual breakdown was published. Nouadhibou port traffic rose 62.1% from a year earlier to 202,700 metric tons in the second quarter, according to ANSADE. Port and wastewater projects could create work for marine contractors and engineering firms. The minister did not disclose tender dates or yearly allocations, which the budget annexes may provide.
Source: AMI (state news agency), AMI, 'Conseil des Ministres : le projet de loi de finance repose sur une croissance réelle nationale de 5,0% en 2027' (Council of Ministers communiqué, October 21, 2026), 2026-2029 and 2027 (draft); ANSADE, ANSADE, Note trimestrielle de conjoncture, deuxième trimestre 2026 (N°84, September 2026), Q2 2026; Banque Centrale de Mauritanie (BCM), BCM, Historique des cours de change (money-rate-table), date 2026-10-26, comparison 2026-09-26, October 26, 2026
Mauritania's draft 2027 budget projects revenue and grants of 152.1bn MRU (€3.39bn) and spending and net lending of 145.9bn MRU (€3.25bn), according to the Council of Ministers communiqué of October 21 published by state news agency AMI. That leaves an overall surplus of 6.2bn MRU (€138mn), on assumptions of 5.0% real growth and 3.3% inflation, the communiqué said.
Analysis: Revenue would rise about 9% and spending 4% against the revised 2026 budget, by our calculation, turning a planned deficit into a surplus. The forecast assumes inflation falls to 3.3% in 2027, from 9.3% in September 2026, while the IMF expects 9% inflation in December. Budget execution is another uncertainty: only 62% of planned investment spending had been disbursed by the end of September, finance ministry data show. Contractors should not assume that all proposed 2027 funds will be spent. Parliament is expected to settle the final budget figures before January 1.
Source: AMI (state news agency), AMI, 'Conseil des Ministres : le projet de loi de finance repose sur une croissance réelle nationale de 5,0% en 2027' (Council of Ministers communiqué, October 21, 2026), 2027 (draft) and 2027 (assumption) and 2026; Banque Centrale de Mauritanie (BCM), BCM, Historique des cours de change (money-rate-table), date 2026-10-26, comparison 2026-09-26, October 26, 2026; Ministère des Finances, Mauritanie, LFR 2026 (Loi de Finances Rectificative pour l'année 2026), 2026; Ministère des Finances, Mauritanie, Loi n° ____ portant Loi de Finances Rectificative pour l'année 2026 (LFR 2026), 2026; Ministère des Finances, Mauritanie, LFR 2026, 2026; ANSADE, ANSADE, Note mensuelle de l’Indice National des Prix à la Consommation (INPC), septembre 2026, September 2026; The Rio Times, The Rio Times, citing the IMF WEO database (October 2026), December 2026 (projection); Ministère des Finances, Mauritanie, Ministère des Finances, TOFE de septembre 2026 (Tableau des opérations financières de l'État, réalisations janvier-septembre 2026 vs LFR 2026), January-September 2026
Mauritania collected 3.5bn MRU (€78mn) in fishing revenue in the first nine months of 2026, 35% of the 10bn MRU budgeted for the year, finance ministry fiscal data published in October show. Total state revenue reached 67% of its target over the same period, while financial compensation from the European Union totaled 260mn MRU (€5.8mn) against 2.84bn MRU budgeted, according to the same data.
Analysis: Fisheries collections are trailing overall government revenue. EU compensation payments reached just 9% of their annual target, by our calculation, accounting for much of the shortfall in that budget line. Payment timing may explain some of the gap, but the fiscal data do not specify why collections are low. The current EU fisheries protocol, which provides €60.8mn a year for access to up to 280,050 metric tons, expires on November 14, according to the European Commission. Officials met on October 22 to discuss negotiations. A renewal or extension could clarify future receipts, but the outcome remains uncertain.
Source: Ministère des Finances, Mauritanie, Ministère des Finances, TOFE de septembre 2026 (Tableau des opérations financières de l'État, réalisations janvier-septembre 2026 vs LFR 2026), January-September 2026; ANSADE, ANSADE, Note trimestrielle de conjoncture, deuxième trimestre 2026 (N°84, September 2026), Q2 2026; European Commission, DG Maritime Affairs and Fisheries, European Commission, Oceans and fisheries, "Mauritania" (sustainable fisheries partnership agreement page), Protocol November 15, 2021 to November 14, 2026; Banque Centrale de Mauritanie (BCM), BCM, Historique des cours de change (money-rate-table), date 2026-10-26, comparison 2026-09-26, October 26, 2026
Chart of the week
Mauritania consumer price inflation, % year on year
. Source: ANSADE, ANSADE, Note mensuelle de l’Indice National des Prix à la Consommation (INPC), septembre 2026, September 2025 and October 2025 and November 2025 and December 2025 and January 2026 and February 2026 and March 2026 and April 2026 and May 2026 and June 2026 and July 2026 and August 2026 and September 2026.
Tender of the week
1,500-cubic-meter reservoir and 250-cubic-meter water tower
Buyer
Nouakchott water distribution network project unit (UGPRD)
Scope
Construction of a 1,500-cubic-meter reservoir and a 250-cubic-meter water tower, with civil works for a pumping station; national open tender.
Value
Not published
Funding
Not stated in the notice summary
Closes
Tuesday, November 17, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Mauritania's fuel and electricity subsidies under IMF scrutiny
10 signals with workings, from macro and prices, budget policy, ports, construction, tourism, agriculture and fisheries, projects and mining
Key figures: inflation, GTA LNG cargoes, Tasiast gold output and the policy rate; open tenders with deadlines, led by a reservoir and water tower for Nouakchott's water network
