Mozambique receives US$456 million from the IMF

Mozambique receives US$456 million from the IMF

The Fund said the program will support a reform agenda centered on establishing a sovereign wealth fund to manage the country’s liquefied natural gas wealth, mobilizing tax revenue and strengthening public finances. “Mozambique has managed the COVID pandemic relatively well, maintaining macroeconomic stability and reform momentum even as the country has weathered a series of shocks, culminating with the effects of the war in Ukraine,” IMF Deputy Managing Director Bo Li said in a statement. “With policy space now limited, sustaining the economic recovery underway and tackling debt vulnerabilities are priorities.”

The IMF’s executive board approved a three-year, $456 million extended credit facility for Mozambique on Monday, with around $91 million available for immediate distribution, according to the Fund. The programme is the first for the Southeast African country since the global lender discontinued financing six years ago. The three-year agreement, according to the IMF, will aid economic recovery and policies aimed at reducing public debt and financial risks, while also allowing for public investments in human capital, climate adaption, and infrastructure.

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