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The International Monetary Fund (IMF) says Mozambique needs to advance further economic reforms before a new financial assistance programme can be concluded, with negotiations expected to continue over the coming months.
The position was presented at the end of an IMF mission held from 9 to 18 September, during which the team reviewed recent developments in the Mozambican economy and discussed with the authorities the measures required to pave the way for a new IMF-supported programme.
According to the IMF mission chief for Mozambique, Pablo López Murphy, discussions on the reforms needed to support a new programme will continue in the coming months.
The IMF acknowledged that inflation remains under control and that fiscal consolidation is underway, but said the country continues to face significant fiscal and external challenges.
The institution therefore called for additional reforms to restore debt sustainability, correct external imbalances and create conditions for stronger, more inclusive and resilient economic growth.
Among the main challenges identified are tight financing conditions, climate shocks, disruptions in the energy sector, and persistent fiscal and external imbalances.
Despite these difficulties, the IMF said Mozambique still has significant medium-term growth potential, particularly due to the development of its natural gas resources.
The mission also concluded that economic activity remains moderate, although signs of recovery are beginning to emerge. The IMF welcomed the Government’s commitment to reforms but warned that further efforts will be required.
The Ministry of Finance said the talks helped launch discussions on a possible new programme under the Extended Credit Facility.
The Government expects a new IMF mission, scheduled for November, to discuss the conditions, indicators and targets of the possible programme.
Mozambican authorities remain hopeful that a formal understanding with the IMF can be reached before the end of the year.
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Mozambican musician, composer and actor Xavier Machiana has qualified for the grand final of the international rock competition Hard Rock Rising after winning the third round held at Hard Rock Cafe Sandton in Johannesburg, South Africa.
South African police are investigating possible links between several killings of women recorded over the past two months in Gauteng province, following the discovery of nine bodies in different parts of the region.
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