The International Monetary Fund (IMF) has approved the three-year Policy Support Instrument (PSI) for Mozambique after completing its sixth assessment of the agreement it has with the country, the IMF said in a statement issued in Washington Monday.

In the statement, the IMF said that the PSI was designed for low income nations that perhaps do not need to make use of IMF financial assistance but which are still interested in benefitting from the services provided by the organisation in terms of advice, control and policy endorsement.

“Mozambique’s PSI is intended to maintain macroeconomic stability and reduce poverty by providing support for economic management, improve focus on priority expenses, boost debt management, the efficiency of the financial sector and improve the business climate and competitiveness,” the document said.

The IMF said that economic performance and outlook for Mozambique remained solid and that the country was well prepared to maintain robust growth in the medium term due to increased mining production. (macauhub)