The International Monetary Fund (IMF) approved new financing of around USD 60 million for Mozambique. The financing is part of the country’s assistance plan. After successive postponements, this Monday, the International Monetary Fund disbursed the third tranche of support for the Mozambican State budget. It is approximately 60 million dollars. With this credit, Mozambique now has 273 million dollars already received, out of a total of 456 million planned. In a press release, the international financial institution states that the disbursement is immediate and happens because the The country observed, until the end of December last year, most of the criteria set by the IMF. “The parliamentary approval of the Sovereign Fund Law in December 2023 was an important step towards ensuring transparent and solid management of natural resource wealth. Continued fiscal consolidation efforts are needed to reduce financing needs and contain debt vulnerabilities.” According to the IMF, “economic recovery is accelerating, supported by liquefied natural gas projects, in the context of modest non-mining growth and inflationary pressures have declined markedly.”While the outlook remains positive, the IMF warns that significant risks remain, mainly due to adverse weather events and the fragile security situation.The technical assistance program aims to support Mozambique’s economic recovery, reduce public debt and financing vulnerabilities, promoting higher and more inclusive growth through structural reforms. The international financial institution further suggests implementing an appropriate and carefully calibrated policy mix between fiscal and monetary policies to preserve the country’s macroeconomic stability. external shocks, the IMF says that improving the transmission of the key rate through the deepening of interbank, monetary and foreign exchange markets in the medium term continues to be important for better macroeconomic management and to allow greater exchange rate flexibility.Source:O Country
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