The International Monetary Fund (IMF) has reached a staff-level agreement with the Mozambican authorities on the economic and financial policies that could support the approval of the First Review of the programme under the Extended Credit Facility arrangement.
The agreement is subject to the approval of the IMF Executive Board in December, which would enable the disbursement of SDR45.4m (around US$63.8m). According to the IMF, Mozambique has met “all quantitative and structural benchmarks set for the first review, and good progress has been made on the broader structural agenda.” While the macroeconomic environment remains challenging going forward, authorities in Mozambique aim to complete their ambitious economic reform agenda, including a sovereign wealth fund law, reform of public sector remuneration and the amendment of the public probity law.
