{"id":42961,"date":"2023-07-19T11:43:46","date_gmt":"2023-07-19T11:43:46","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-must-reduce-wage-bill-to-invest-in-priority-areas"},"modified":"2023-07-19T12:15:53","modified_gmt":"2023-07-19T12:15:53","slug":"mozambique-must-reduce-wage-bill-to-invest-in-priority-areas","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-must-reduce-wage-bill-to-invest-in-priority-areas","title":{"rendered":"Mozambique must reduce wage bill to invest in priority areas"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The International Monetary Fund has said that Mozambique\u2019s government should \u201creduce the wage bill\u201d in line with other countries in the region, in order to invest in priority areas, such as combating food insecurity and poverty.<\/p>\n

\u201cOn the expenditure side, reducing the wage bill in line with regional peers will help create fiscal space for high-priority spending,\u201d the IMF\u2019s Deputy Managing Director and Acting Chair, Bo Li, says in a communique\u0301<\/b> on the final approval of the review of the Extended Financing Program (ECF) for Mozambique.<\/p>\n

The announcement of approval of this revision was made on July 6, guaranteeing the disbursement of US$60.6 million (\u20ac54 million) to Mozambique, and confirmed today in the institution\u2019s communique\u0301.<\/p>\n

In the note accompanying the announcement of the approval of the second revision of the program first approved in May, 2022, which raises the total amount already received by Mozambique to US$212.09 million (\u20ac194 million) out of a prospective total of US$456 million (\u20ac418 million euros), the IMF says it has\u201d approved waivers of non-observance for two performance criteria\u201d, namely:<\/p>\n

(i) the end-December 2022 performance criterion on domestic primary budget balance was missed due to overruns in the implementation of the wage bill reform and revenue shortfalls;<\/p>\n

(ii) the continuous performance criterion on non-accumulation of public and publicly-guaranteed external arrears was missed due to delays in debt service repayment by an SOE.<\/p>\n

\u201cBoth waivers of non-observance were approved based on remedial actions taken by the authorities,\u201d the communique\u0301 notes..<\/p>\n

In the document released today, the Deputy Managing Director at the IMF Bo Li recognizes that \u201ceconomic recovery in Mozambique is strengthening, supported by the liquefied natural gas (LNG) projects\u201d and by \u201crebound in various sectors\u201d.<\/p>\n

\u201cThe economy has shown resilience to Cyclone Freddy which hit Mozambique in early 2023, Bo Li notes. \u201cWhile the outlook remains positive, significant risks remain, mainly due to adverse climate events and a fragile security situation.\u201d<\/p>\n

He adds that the Mozambican authorities \u201cundertaking corrective measures to ensure fiscal discipline in 2023 and continued fiscal consolidation efforts are also warranted over the medium term\u201d.<\/p>\n

\u201cOn the revenue side, broadening the VAT base will help mobilise revenues in an efficient way\u201d, he adds, while acknowledging that \u201cthe monetary policy stance is appropriate to help contain inflationary pressures and rebuild reserves\u201d.<\/p>\n

\u201cWhile inflation has decelerated faster than expected, continued caution is warranted to help anchor inflationary pressures and support macroeconomic stability,\u201d Bo Li\u2019s summary concludes.<\/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 has said that Mozambique\u2019s government should \u201creduce the wage bill\u201d in line with other countries in the region, in order to invest in priority areas, such as combating food insecurity and poverty. \u201cOn the expenditure side, reducing the wage bill in line with regional peers will help create […]<\/p>\n","protected":false},"author":84,"featured_media":42960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-42961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nMozambique must reduce wage bill to invest in priority areas - Mozambique<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund has said that Mozambique\u2019s government should \u201creduce the wage bill\u201d in line with other c ...\" \/>\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\/mozambique-must-reduce-wage-bill-to-invest-in-priority-areas\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mozambique must reduce wage bill to invest in priority areas\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund has said that Mozambique\u2019s government should \u201creduce the wage bill\u201d in line with other c ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-must-reduce-wage-bill-to-invest-in-priority-areas\" \/>\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=\"2023-07-19T11:43:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-19T12:15:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/07\/sm_1689752706.094184.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"825\" \/>\n\t<meta property=\"og:image:height\" content=\"510\" \/>\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=\"2 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\/mozambique-must-reduce-wage-bill-to-invest-in-priority-areas#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-must-reduce-wage-bill-to-invest-in-priority-areas\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mozambique must reduce wage bill to invest in priority areas\",\"datePublished\":\"2023-07-19T11:43:46+00:00\",\"dateModified\":\"2023-07-19T12:15:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-must-reduce-wage-bill-to-invest-in-priority-areas\"},\"wordCount\":420,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-must-reduce-wage-bill-to-invest-in-priority-areas#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/07\/sm_1689752706.094184.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-must-reduce-wage-bill-to-invest-in-priority-areas#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-must-reduce-wage-bill-to-invest-in-priority-areas\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-must-reduce-wage-bill-to-invest-in-priority-areas\",\"name\":\"Mozambique must reduce wage bill to invest in priority areas - 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