IMF agrees US$470M programme for Mozambique

Source: Furtherafrica

The International Monetary Fund and Mozambique have reached a staff-level agreement on a $470 million facility, the Fund said on Monday, in what would be the African nation’s first programme since the global lender suspended support six years ago.

In 2016, Mozambique unveiled hefty state-backed borrowing it had previously failed to disclose, in a $2-billion corruption scandal that prompted donors to cut off aid and sparked a currency collapse and debt crisis.

A statement from the Fund said final approval for the three-year Extended Credit Facility was expected to come from IMF management “in the coming weeks”.

Source: Furtherafrica

Leave a Reply

Your email address will not be published.