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IMF Praises “Resilience” of Mozambican Economy and Government Performance

IMF Praises “Resilience” of Mozambican Economy and Government Performance

The head of the International Monetary Fund (IMF) mission to Mozambique, Álvaro Piris, today hailed the resilience of the African country’s economy, maintaining the prospects of a 3.8 percent growth despite the current “challenging” context.

“Our assessment is that the Mozambican authorities have dealt with these challenges in a right way,” in the face of the context generated by Russia’s war in Ukraine, Álvaro Piris said.

The IMF official was speaking at a press conference in Maputo at the end of an evaluation mission of the assistance programme signed with the Mozambican government in April this year.

Macroeconomic policies and management of public finances implemented by the Mozambican government should allow the Mozambican economy to recover and grow to 3.8 percent this year, he said.

The country’s performance, he continued, shows that it has been resilient in the face of an adverse context created by natural disasters, the covid-19 pandemic and the rise in fuel and food prices caused by the conflict between Russia and Ukraine.

This less favourable panorama should lead inflation to close the year at 11 percent, he added.

On the programme between the IMF and the Mozambican government, Álvaro Piris stressed that Maputo had “fully complied” with what was agreed in April.

“Our assessment of this first phase of the programme is very positive, there has been full compliance with the agreed targets and there has been significant progress in the structuring areas of the Government’s programme that the IMF is supporting,” he stressed.

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In this regard, Álvaro Piris ruled out, for now, the possibility of the fund boosting financial assistance to the country, after the financial institution announced in May a financial envelope of US$470 million (462 million euros).

The head of the IMF mission to Mozambique praised the package of economic recovery measures recently approved by the Mozambican government, noting that they would stimulate companies and businesses.

In his turn, the Mozambican Minister for the Economy and Finance, Max Tonela, said that the discussions with the IMF were exhaustive and productive, stressing the commitment to compliance agreed between the two sides.

The IMF mission lasted 15 days and held meetings with various officials from the Mozambican government and the state.

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