Economic recovery plan in sight for Mozambique

The international community will have to continue playing a vital role in assisting Mozambique
5512197 25.05.2018 Minister of Foreign Affairs and Cooperation of Mozambique Jose Condugua Pacheco during the Russia-Africa business dialogue at the St. Petersburg International Economic Forum. Evgeny Biyatov / Sputnik

Despite the likely adverse macroeconomic effects of Cyclone Idai, Mozambique expects a recovery in economic activity over the medium-term, boosted by gas production, the International Monetary Fund has said.

According to the United Nations, the cyclone has affected almost three million people, of whom nearly 500,000 have been driven from their homes.

In a statement issued by the IMF, it is still early to assess the precise impact of the cyclone and reconstruction costs, these would be very significant.

“The international community will have to continue playing a vital role in assisting Mozambique,” it says. “In this context, the IMF will consider the authorities’ request for emergency financial assistance under the IMF Rapid Credit Facility.

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There will also be more significant economic expansion for Mozambique with the start of liquefied natural gas production expected in 2023″.

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