The country's first deepwater port opened near Nouakchott in 1986. In recent years, drought and economic mismanagement have resulted in a buildup of foreign debt. In March 1999, the government signed an agreement with a joint World Bank-International Monetary Fund mission on a $54 million enhanced structural adjustment facility (ESAF). Privatization remains one of the key issues. Mauritania is unlikely to meet ESAF's annual GDP growth objectives of 4–5%.