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Max Tonela Highlights “Positive” Medium-Term Economic Outlook, But With Risks

Max Tonela Highlights “Positive” Medium-Term Economic Outlook, But With Risks

The Minister of Economy and Finance, Max Tonela, said on Thursday (16) that the medium-term economic outlook for the country is positive, admitting, however, that there are risks associated with the war in Cabo Delgado, natural disasters and debt levels.

“The medium-term outlook is positive, but subject to various risks, above all due to the challenges associated with terrorist action in northern Cabo Delgado and natural disasters caused by climate change, which put pressure on the country’s fiscal space and level of indebtedness,” said Max Tonela, during the seminar “Resilient Mozambique, Recent Milestones in the Development of Fiscal and Financial Capacity”, organised by the International Monetary Fund (IMF) in Maputo.

a d v e r t i s e m e n t

For the government official, although the internal and external challenges the country has been facing have conditioned the pace of development, the reforms that the Executive has adopted seek to stabilise the macroeconomic situation.

“The most recent macroeconomic indicators show that our economy is showing a strong trend of recovery, reaching growth of 4.1 per cent in 2022, with growth of around 6 per cent projected for this year,” added Tonela, stressing that the “successful implementation” of structural reforms in Mozambique is vital for the country’s sustainable development, with improving transparency and public debt management being one of the priorities.

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The Swiss ambassador to Mozambique, Alain Gaschen, also pointed to progress in the reforms adopted, considering that the country is “stabilising” and gaining confidence for the eventual return of other international partners to direct support for the State Budget (OE).

Switzerland was among several international partners that suspended direct financial aid to the State Budget after the hidden debts scandal seven years ago, and has focused on one-off financial aid in the context of specific disasters and emergency situations.

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