{"id":11227,"date":"2021-12-22T16:01:03","date_gmt":"2021-12-22T16:01:03","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=11227"},"modified":"2021-12-22T14:43:11","modified_gmt":"2021-12-22T14:43:11","slug":"imf-praises-mozambique-for-prudent-policies","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-praises-mozambique-for-prudent-policies","title":{"rendered":"IMF praises Mozambique for prudent policies"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The International Monetary Fund (IMF) has praised Mozambique\u2019s prudent economic management at a time when the country faces severe challenges.<\/p>\n

Following an IMF Staff Visit to Mozambique, which concluded on 16 December, a statement released by the head of mission, Alvaro Piris, pointed out that \u201cthe Mozambican economy is recovering from a sharp contraction, following several years of economic shocks\u201d.<\/p>\n

Piris added that \u201ca modest but broad-based recovery is taking hold in 2021. After real GDP contracted in 2020 \u2013 the first contraction in 30 years \u2013 growth resumed in early 2021 and is expected to reach 2.2 per cent for the year. Robust growth in agriculture and mining was complemented by a modest recovery in services as COVID-related restrictions were eased. Seasonal factors, supply-chain constraints, and international food and fuel price increases led inflation to rise to 6.8 per cent year on year in November, remaining within the Bank of Mozambique\u2019s target of less than ten per cent\u201d.<\/p>\n

Mozambique has been hit by the twin crises of the Covid-19 global pandemic and islamist terrorism in the northern province of Cabo Delgado, and Piris pointed out that \u201cthe Covid pandemic, and the conflict and humanitarian emergency in the north of the country are intensifying fragility\u201d.<\/p>\n

\u201cTwo large waves of Covid infections in the first and third quarters of 2021 prompted strict confinement measures, lowered incomes, and resulted in the loss of schooling for an already vulnerable population\u201d, Piris added. \u201cTerrorist attacks have caused thousands of deaths and displaced more than 800,000 people in the northern province of Cabo Delgado, with many in the northern region suffering food insecurity\u201d.<\/p>\n

In addition, he warned that \u201cwhile the authorities have managed prudently and successfully addressed Covid and security-related challenges, including with international support, concessional financing has now declined, and high public debt and tight financing constraints should be addressed through fiscal measures\u201d.<\/p>\n

\u201cA tight monetary stance\u201d, the statement continued, \u201chas helped keep inflation in check and preserve macro-economic stability, but limits credit growth and scope for the exchange rate to facilitate economic adjustment. Reducing fiscal financing needs through a moderate adjustment that does not impair recovery will help put debt on a firm downward trajectory and allow for a better policy balance\u201d.<\/p>\n

Looking to the future, Piris noted that \u201cthe longer-term outlook is shaped by LNG (Liquefied Natural Gas) production, with downside risks. Growth is expected to rise further in 2022, reflecting a broader recovery of the non-LNG economy. In the longer term, non-LNG growth is projected at 4 per cent\u201d.<\/p>\n

Piris added that growth will rise sharply as LNG projects begin production, \u201ccurrently expected in 2023 and 2026\u201d. However, he also pointed out that \u201cwhile agricultural performance may be stronger than envisaged in 2022, considering expected favourable meteorological conditions, new waves of Covid infection could prompt confinement measures, while firms\u2019 (including state-owned enterprises\u2019) balance sheets have been weakened by the crisis, reducing the scope for investment, and potentially weakening banking sector asset quality over time\u201d.<\/p>\n

Another danger to the economy is the \u201cvulnerability to natural disasters and the effects of climate change\u201d. Piris described this as \u201ca recurrent vulnerability, as is renewed deterioration of the security situation that could further delay or stop the LNG projects\u201d.<\/p>\n

The team leader also revealed that the IMF will soon enter into discussions with the government to support its programme with an Extended Credit Facility, which \u201ccould help ease financing pressures as the economic recovery takes hold, support the authorities\u2019 agenda in poverty reduction and restoring sustainable and equitable growth, while also helping catalyse additional development financing\u201d.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. The International Monetary Fund (IMF) has praised Mozambique\u2019s prudent economic management at a time when the country faces severe challenges. Following an IMF Staff Visit to Mozambique, which concluded on 16 December, a statement released by the head of mission, Alvaro Piris, pointed out that \u201cthe Mozambican economy is recovering from a […]<\/p>\n","protected":false},"author":84,"featured_media":11225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,8,16],"tags":[233,281,283],"class_list":["post-11227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nIMF praises Mozambique for prudent policies - Mozambique<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund (IMF) has praised Mozambique\u2019s prudent economic management at a time when the country fa ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-praises-mozambique-for-prudent-policies\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF praises Mozambique for prudent policies\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) has praised Mozambique\u2019s prudent economic management at a time when the country fa ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-praises-mozambique-for-prudent-policies\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-22T16:01:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/12\/img-61c33969b6538.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1050\" \/>\n\t<meta property=\"og:image:height\" content=\"701\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-praises-mozambique-for-prudent-policies#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-praises-mozambique-for-prudent-policies\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF praises Mozambique for prudent policies\",\"datePublished\":\"2021-12-22T16:01:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-praises-mozambique-for-prudent-policies\"},\"wordCount\":595,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-praises-mozambique-for-prudent-policies#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/12\/img-61c33969b6538.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"community\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-praises-mozambique-for-prudent-policies#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-praises-mozambique-for-prudent-policies\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-praises-mozambique-for-prudent-policies\",\"name\":\"IMF praises Mozambique for prudent policies - 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