Mozambique Gets $116 Million COVID-19 Funds From EU

Mozambique is getting $116 million grants from the European Union (EU) to support its budget. This is the first time since 2016 that Europe will assist the southern African nation in its fiscal expenditure. Such help ceased because of Maputo’s none disclosure of debts and alleged none fiscal accountability.

Reports on the grant shows that it will be released in two tranches, ne this year and the rest in 2021. EU Ambassador, Antonio Sanchez-Benedito Gaspar says the agreement had “different characteristics” to the direct budget support the EU used to provide and was focused specifically on helping with the socio-economic consequences of the COVID-19 pandemic.

Your Friends Also Read:  Nigerian Government to Continue Oil Exploration in Lake Chad Basin

The EU stopped direct budget support to Mozambique back in 2016, after the International Monetary Fund (IMF) and other donors froze direct assistance when the government admitted it guaranteed more than $2 billion in debts, more than half of which had been undisclosed.

Meanwhile, in July 2020, Rwanda received an $11.4 million grant from the EU for the country’s private sector development and creation of jobs. The grant is part of the $522.6 million package of support to the country until the end of 2020.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.
Your Friends Also Read:  Tanzania Injects Tsh100 Billion in Fuel Subsidy



Leave a Reply

Previous Article

Okolie To Fight For Vacant WBO Cruiserweight Title As Anthony Joshua Undercard

Next Article
Ministry of Emergency Management

Over 600 Congolese refugees relocated from Kigeme to Mahama camp

Related Posts
Powered by Live Score & Live Score App