The International Monetary Fund (IMF) is not anticipating any decision on a new financial support program for Mozambique at this time, at a time when the country’s outstanding credit with the institution already corresponds to 226% of its quota, according to the latest assessment.
In the report approved on February 13, referring to consultations held in 2025, the IMF recalls that a post-financing assessment is scheduled for August 2026, merely indicating that new consultations should take place within 12 months, without giving details on the possible approval of a new program, an intention repeatedly expressed by the Mozambican authorities.
Under the latest Extended Credit Facility (ECF), the IMF approved $468 million in financing for Mozambique in 2022. However, the program was suspended in April 2025, after the disbursement of $343 million, distributed in four tranches.
The report also details the expected repayment schedule. In 2026, the country is expected to pay $98 million to the IMF. In 2027, the amount rises to $107.5 million, followed by $129.3 million in 2028 and $136.4 million in 2029, which maintains significant pressure on the external accounts and the State’s financing needs.
Despite uncertainty regarding new financial support, the IMF emphasizes that Mozambique remains one of the main beneficiaries of the institution’s technical assistance and capacity building. Support has focused, among other areas, on governance, public finance management, revenue mobilization, administration of wealth from natural resources, as well as strengthening monetary and macroprudential frameworks and improving economic statistics.
According to the report, this assistance responds to requests from the authorities and is aligned with the government’s reform priorities. The institution acknowledges that, despite administrative challenges and limitations in strategic planning, progress has been made in structural reforms.
The expectation of a new program was reiterated by the President of the Republic, Daniel Chapo, who in June 2025 expressed his intention to sign a new agreement with the IMF later that year, in line with the Executive’s vision and public sector reforms. “Later this year, if all goes well, we will sign a new program that will allow us, with the government’s new vision, to continue our excellent relationship with the IMF,” he said at the time.
Também o director-geral adjunto do FMI, Bo Li, declarou em Maio de 2025, em Maputo, que a instituição pretendia avançar com um novo programa para apoiar a estabilidade macroeconómica e financeira do país, indicando que as equipas técnicas iniciariam discussões nas semanas seguintes.
Em Abril de 2025, o FMI anunciou que as autoridades moçambicanas e a instituição tinham chegado a entendimento para não prosseguir com as revisões subsequentes no âmbito do ECF então em vigor, abrindo espaço para negociações com vista a um novo enquadramento de apoio.
Contudo, à luz da actual avaliação, a instituição limita-se a registar a exposição acumulada de Moçambique — equivalente a 226% da quota — e a enquadrar o processo numa futura avaliação pós-financiamento, sem confirmar, nesta fase, qualquer novo compromisso financeiro.
