(3 minutes read)
- The World Bank recently sanctioned US$300 million to Mozambique. The deal comes after the multilateral body suspended the aid following a financial scandal involving the government officials
The World Bank recently sanctioned US$300 million to Mozambique. The deal comes after the multilateral body suspended the aid following a financial scandal involving the government officials. The grant will be used for infrastructure projects to support the economy and improve the living conditions of the population
According to Mozambique’s finance minister, Max Tonela, it was the first funding to support the state budget. He signed an agreement with World Bank officials for the grant in Maputo, the capital city. The funds allocated, World Bank officials who signed the agreement said, would be used for supporting structural reforms for ensuring accountability and transparency in the public sector.
Read also:
https://trendsnafrica.com/mozambique-government-oil-pipeline-plans-still-on-cards/
https://trendsnafrica.com/port-of-beira-of-mozambique-records-lower-cargo-handled/
The International Monetary Fund (IMF) granted its first loan to Mozambique worth US$456 million in May this year. The Southern African country was black listed by multilateral organizations on account of the so-called “hidden debt” scandal, which involved siphoning off US$1.8 billion from foreign banks to Mozambican state-owned companies, under guarantee from the state. The trial of those who are involved in the scam is progressing in a Maputo court.
