Mozambique’s net foreign reserves enough to cover 5.5 months of imports

10 March 2010

Maputo, Mozambique, 10 March – Mozambique has net foreign reserves totalling US$1.7 billion which would cover 5.5 months of the country’s imports, the governor of the Bank of Mozambique, Ernesto Gove said in Maputo Tuesday.

The governor noted that talks were continuing between the government and donor nations with a view to receiving pledged donations as quickly as possible.

“It is not only the central bank, but also the government that is continuing to talk with the partners and we hope to reach an understanding. These are issues that can easily be overcome,” he said.

The donors and the government went onto a “collision course” following last year’s elections when ten parties and coalitions were prevented from taking part, either partially or totally. Those parties included the MDM, which was only permitted to run in four provinces and even so had eight members of parliament elected.

The Group of 19 (G-19) pledged to provide US$472 million in direct budgetary aid to Mozambique this year, which was due to start being paid in January. (macauhub)