Mauritania - Financial/Private Sector Capacity Building Project
Alcazar, Lorena | Xu,L. Colin | Zuluaga, Ana Maria
The Financial/Private Sector Capacity Building Project's outcome is rated satisfactory since it achieved most of its major development objectives. Lessons drawn from this project include: a) Genuine stakeholder participation in policy reform design is critical to achieving intended objectives. In the context of this project, Mauritania has managed to carry out the modernization of its business law without any conflict with the Islamic law thanks to the involvement of the traditional magistrates in the process of law preparation. b) Coordination is not a substitute for selectivity in project design. While the preparation of the project took into consideration lessons learned from previous operations and put in place sound coordination mechanisms, the large number of components and institutions involved in this project entailed complexity and supervision difficulties. It would have been helpful to limit the number of executing agencies to facilitate project coordination and implementation. c) Institutional change, particularly where capacities are limited, require long-term actions. d) Business incentives should not be reduced to a special tax regime. Experience has demonstrated that the best climate for encouraging private investment implies a stable low-tax, low-subsidy environment which is also free of tax disincentives. Investment codes should not focus on special tax regimes which are difficult to administer, often lead to abuses, and narrow the tax even further.
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