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Government Signals “Positive Implementation” of Economic Acceleration Measures

Government Signals “Positive Implementation” of Economic Acceleration Measures

On Wednesday 6 December, the government described the implementation of the 20 measures adopted in 2022 to boost the economy as positive, noting that 60% of the package designed to promote stability and stimulate the development of productive sectors has been implemented.

At issue are the 20 measures announced by the Executive in August 2022 as a way of boosting economic growth in the face of internal and external economic challenges.

“So far, we’re quite satisfied. There has indeed been significant progress. Close to 60 per cent of the measures have been fulfilled,” João Macaringue, deputy coordinator of the Economic Reforms Office at the Ministry of Economy and Finance (MEF), told Lusa.

The economic recovery measures defined, among other things, a reduction of one percentage point in the VAT rate, from 17 per cent to 16 per cent, and the lowering of the Corporate Income Tax (IRPC) rate from 32 per cent to 10 per cent in some economic sectors, as well as various other tax and legislative changes to attract investment.

According to the deputy coordinator of the Economic Reforms Office at the MEF, the entity overseeing the adoption of the measures, despite the challenges posed by the international climate, in addition to the war on terrorism in northern Mozambique, the level of implementation of the package has been having an impact, especially in attracting investment due to the efforts to “reduce bureaucracy in important sectors”.

In addition, the Executive highlights the decision to facilitate and exempt visas for tourists and businesspeople from low-risk countries, noting a 42% increase in the number of visits to the country between December and June, mainly in search of business opportunities.

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Nevertheless, in December 2022, Mozambique introduced the Electronic Visa (e-Visa) and on 1 May visa exemptions for citizens of 29 countries, as well as revising the measure to grant investment visas for longer periods to foreign citizens who hold investments in Mozambique, simplifying the requirements for granting them.

“The ambition is to open up the country to the world and make it attractive. So it’s a measure that is being pleasantly appreciated,” the source emphasised.

The 20 measures were announced by the head of state, Filipe Nyusi, with the aim of boosting growth in the face of the impact of the covid-19 pandemic, the Russia-Ukraine war and terrorism in the northern region of Mozambique.

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