IMF Approves Disbursement Of $60.7 Million To Mozambique

0
949

The International Monetary Fund (IMF) has approved the disbursement of a $60.7 million loan request for Mozambique.

The IMF’s executive board said it has completed the third review of Mozambique’s three-year loan program, allowing for an immediate disbursement to Maputo of about $60.7 million.

According to a statement signed by the organisation late Monday, it said the review brings total disbursements under the $456 million Extended Credit Facility program approved in 2022 to about $273 million.

“Program performance has been satisfactory,” it said in a statement, adding that inflationary pressures had declined sharply and the economic recovery is accelerating.

The three-year arrangement is expected to support economic recovery and policies to reduce public debt and financing vulnerabilities while creating space for public investments in human capital, climate adaptation and infrastructure.