Africa Democracy Economy Headlines IMF Mining Mozambique

IMF urges more transparency in Mozambique economy as growth is expected at 8% in 2014

By Staff Reporter

 

  • A staff team from the International Monetary Fund, led by Doris Ross, visited Mozambique during February 26- March 13, 2014

    International Monetary Fund

    International Monetary Fund is happy with progress in Mozambique despite evidence of political upheaval with RENAMO.

  • Purpose of the visit was to review the three-year Policy Support Instrument (PSI) approved in June 2013
  •  The team met with Prime Minister Vaquina, Finance Minister Chang, Planning and Development Minister Cuereneia, Bank of Mozambique Governor Gove, other line ministers, senior government officials, parliamentarians, the private sector, civil society, and development partners.

 

The team concluded that:

 

  • Mozambique’s economic performance continues to be very strong.
  • Despite severe floods in early 2013, GDP growth is estimated at 7 percent in 2013 and is likely to accelerate to over 8 percent in 2014.
  • This reflects bustling activity in mining, construction, transport and communications, and financial services.
  • Risks to this outlook remain moderate, mainly relating to international commodity prices and policy uncertainty in an election year.
  • Average inflation was 4.2 percent in 2013 and is likely to stay anchored by the authorities’ medium-term target of 5-6 percent.
  • Inflation seems well-contained, but there are risks associated with inflationary pressures in neighboring countries (especially in South Africa), and a highly expansionary budget.
  • The external current account deficit is projected to reach [43] percent of GDP in 2014 due to imports for large investment projects financed by foreign direct investment (FDI).

 

Pemba port

Pemba port is expected to be busy as exploration of gas along Mozambique coast takes shape(Photo credit: tonrulkens)

 

  • International reserve coverage seems adequate at 4.5 months of projected non-megaproject imports.
  • Most quantitative and structural program objectives for end-December 2013 and early 2014 were met.

 

Please access more from the report-http://www.imf.org/external/np/sec/pr/2014/pr1499.htm

 

-IMF

 

 

 

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