The executive board of the International Monetary Fund (IMF) has successfully completed the third review of Mozambique’s three-year loan program. As a result of this development, the IMF has authorized an immediate disbursement of approximately $60.7 million to Maputo.
In accordance with the latest announcement made on Monday, the cumulative disbursements under the $456 million Extended Credit Facility program, which was approved in 2022, now amount to approximately $273 million.
The IMF, in a statement, has affirmed that the program has demonstrated satisfactory performance. Noteworthy achievements include a significant reduction in inflationary pressures and a marked acceleration in economic recovery.
The overarching objective of the three-year arrangement is to provide crucial support for Mozambique’s economic recovery initiatives. Concurrently, the program aims to implement policies that contribute to the reduction of public debt and address financing vulnerabilities.
Furthermore, the program endeavors to create opportunities for public investments in key areas such as human capital, climate adaptation, and infrastructure. The IMF underscores its commitment to fostering the socio-economic development of Mozambique through the successful implementation of this program.
