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IMF hails Mozambique’s economic recovery efforts despite global uncertainties

November 8, 2022

According to the International Monetary Fund (IMF), Mozambique has continued to show a positive economic recovery since last April, despite the global uncertainties unleashed by the Russian Invasion of Ukraine. The Mozambican government it said took positive steps to improve people’s living standards and stabilise economic and social development indicators.

According to the International Monetary Fund (IMF), Mozambique has continued to show a positive economic recovery since last April, despite the global uncertainties unleashed by the Russian Invasion of Ukraine. The Mozambican government it said took positive steps to improve people’s living standards and stabilise economic and social development indicators.

According to the IMF’s resident representative in Maputo, Alexis Cirkel, the economic growth of 4.1 and 4.6 percent in the first two quarters illustrated the excellent dynamics based on a remarkable development of the services sector, agriculture, and mining. Speaking in Maputo,at the 10th edition of the Economic Briefing on Business Performance in Q3 2022 and Outlook, he said that the resumption of direct funding of the State Budget reflected the prudent management which helped to restore the trust between Mozambique, the World Bank and the IMF. He urged the Mozambique government to continue to pursue its ambitious economic reform agendas.

The country continued to face several challenges including the Covid-19 pandemic, political uncertainties, tighter financial conditions, and soaring prices of goods in the international market. In the midst of these challenges, the Government took positive steps including the massive vaccination campaign against Covid-19, prudent fiscal and macroeconomic management, and boosting exports. Some of the prudent initiatives included the initiative to approve the Sovereign Fund Law, and the reform of public sector salaries, among other initiatives. These measures pushed the country to a positive growth path.