Mozambique is safe from shocks caused by international crisis

17 June 2010

Maputo, Mozambique, 17 June – Mozambique is already safe from shocks of the recent international crisis as the pressures caused by the international climate “have substantially reduced,” the International Monetary Fund (IMF) representative in Mozambique said in Maputo.

Felix Fisher said that the board of the IMF, Monday in Washington approved payment of the second and final tranche, to the value of US$21 million, of Mozambique’s funding as part of the exogenous shocks facility.

“This was the second and last tranche for Mozambique under the terms of the Exogenous Shocks Facility (ESF) and, as the Mozambican government has not requested further funding, the IMF’s analysis is that the pressures of the crisis on the balance of payments have been reduced substantially,” Fisher noted.

After several international crises over the last few years, the IMF approved a global fund of US$176 million for Mozambique to give the country the ability to resist the effects of the economic climate.

Although the government has not requested new funds specifically for the risks of international financial crises, the country is prepared for the possibility of further shocks, and it is still possible for Mozambique to request further aid from the IMF, said Fisher. (macauhub)