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Mozambique: IMF disburse $60.7 million on a three year loan agreement

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The executive board of the International Monetary Fund (IMF) has successfully concluded the third review of Mozambique’s three-year loan program.

This development enables an immediate disbursement of approximately $60.7 million to Maputo, according to the IMF.

As of the latest announcement on Monday, the total disbursements under the $456 million Extended Credit Facility program, sanctioned in 2022, now stand at around $273 million. 

The IMF affirmed in a statement that the program has exhibited satisfactory performance, citing a notable decrease in inflationary pressures and a notable acceleration in economic recovery.

The overarching goal of the three-year arrangement is to provide vital support for Mozambique’s economic recovery efforts. Simultaneously, it aims to implement policies that contribute to the reduction of public debt and address financing vulnerabilities. 

The program also seeks to create opportunities for public investments in crucial areas such as human capital, climate adaptation, and infrastructure.

Additional Source: African News

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