{"id":17406,"date":"2022-04-06T15:17:08","date_gmt":"2022-04-06T15:17:08","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/return-of-imf-aid-a-life-saver-economists"},"modified":"2022-04-06T15:22:40","modified_gmt":"2022-04-06T15:22:40","slug":"return-of-imf-aid-a-life-saver-economists","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/return-of-imf-aid-a-life-saver-economists","title":{"rendered":"Return of IMF aid a \u2018life-saver\u2019 \u2013 economists"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambican economists Lusa spoke to on Wednesday said that the resumption of financial assistance from the International Monetary Fund (IMF) to the country is a \u201clife-saver\u201d and sends a \u201cmessage of confidence\u201d to investors and partner countries.<\/p>\n

\u201cThe resumption of IMF financial assistance to Mozambique is, without doubt, a life-saver for the country because it helps to relieve pressure on the budget, and above all, on spending, because it helps to expand the state\u2019s financial margin,\u201d said economist Elc\u00eddio Bachita.<\/p>\n

Bachita noted that the agreement with the IMF made financial resources more accessible to the country and under favourable conditions, as the financial envelope announced by the organisation was interest-free and had a relatively long grace period and repayment period.<\/p>\n

\u201cThe financial assistance programme from the IMF means the country is once again in a position to resort to more favourable credit because the other creditors know that the country is backed,\u201d he said.<\/p>\n

Elc\u00eddio Bachita considered the conditions imposed by the IMF for the resumption of financial support to the country to be inevitable, justifying those impositions with the concern to avoid the \u201cprevious lack of control, mainly concerning the public debt.<\/p>\n

\u201cThe IMF suspended support for the country following the discovery of the hidden debts, and it is normal that it makes its return conditional on guarantees of rigour and transparency. That\u2019s how they work,\u201d he noted.<\/p>\n

Concerning the reform of the Value Added Tax (VAT), included in the IMF\u2019s announcement on the resumption of financial assistance to the country, Bachita stressed that it comes from the understanding that the country\u2019s tax burden is a factor blocking the economy.<\/p>\n

\u201cMozambique has one of the highest VAT rates in Southern Africa, and the private sector has been asking for many years for this tax to be reduced,\u201d he said.<\/p>\n

Jo\u00e3o Mosca, an economist and director of the Observat\u00f3rio do Meio Rural (OMR), a Mozambican non-governmental organisation (NGO), noted that the resumption of IMF aid sends a message of hope but also of caution because the US$470 million (\u20ac430 million) announced by this international financial organisation, to be disbursed over three years, is meagre for the \u201cdeficits\u201d that Mozambique faces.<\/p>\n

\u201cIt gives a message of confidence to investors, and with this message of confidence you not only attract investment but also cooperation\u201d with international partners, Mosca said.<\/p>\n

Mosca noted that investors and Mozambique\u2019s partner countries would read the IMF\u2019s decision as a sign that the African country is once again safe for business and receiving aid.<\/p>\n

\u201cThe IMF has now come to say that four or five years have passed after the punishment [due to hidden debts], and now we will try to recover our relationship slowly,\u201d he noted.<\/p>\n

Mosca warned, however, that investors and some donor countries will react cautiously because they know that the country still faces problems of transparency and armed violence in the north.<\/p>\n

Mosca accused the IMF of acting as \u201ca spearhead\u201d for big capital, providing support that helps countries position themselves as a stage for multinationals to operate without impacting economic and social development and poverty reduction.<\/p>\n

Through a massive privatisation programme, Mosca pointed to the \u201cdestruction\u201d of Mozambique\u2019s cashew industry and the \u201cweakening\u201d of the state business sector as examples of policies advocated by the IMF that have harmed the country.<\/p>\n

Last week, the IMF announced it had reached an agreement with Mozambique to implement an Extended Fund Programme until 2025, disbursing financial aid for the first time since the hidden debt scandal.<\/p>\n

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

Africa-Press – Mozambique. Mozambican economists Lusa spoke to on Wednesday said that the resumption of financial assistance from the International Monetary Fund (IMF) to the country is a \u201clife-saver\u201d and sends a \u201cmessage of confidence\u201d to investors and partner countries. \u201cThe resumption of IMF financial assistance to Mozambique is, without doubt, a life-saver for the […]<\/p>\n","protected":false},"author":84,"featured_media":17405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-17406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nReturn of IMF aid a \u2018life-saver\u2019 \u2013 economists - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambican economists Lusa spoke to on Wednesday said that the resumption of financial assistance from the International ...\" \/>\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\/return-of-imf-aid-a-life-saver-economists\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Return of IMF aid a \u2018life-saver\u2019 \u2013 economists\" \/>\n<meta property=\"og:description\" content=\"Mozambican economists Lusa spoke to on Wednesday said that the resumption of financial assistance from the International ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/return-of-imf-aid-a-life-saver-economists\" \/>\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=\"2022-04-06T15:17:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-06T15:22:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/04\/img-624db01f9dbf1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"789\" \/>\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\/return-of-imf-aid-a-life-saver-economists#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/return-of-imf-aid-a-life-saver-economists\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Return of IMF aid a \u2018life-saver\u2019 \u2013 economists\",\"datePublished\":\"2022-04-06T15:17:08+00:00\",\"dateModified\":\"2022-04-06T15:22:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/return-of-imf-aid-a-life-saver-economists\"},\"wordCount\":608,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/return-of-imf-aid-a-life-saver-economists#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/04\/img-624db01f9dbf1.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/return-of-imf-aid-a-life-saver-economists#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/return-of-imf-aid-a-life-saver-economists\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/return-of-imf-aid-a-life-saver-economists\",\"name\":\"Return of IMF aid a \u2018life-saver\u2019 \u2013 economists - 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