The Mozambican parliament Monday approved the final draft of the bill of the Economic and Social Plan (PES) and its State Budget (OE) for 2016, which includes an economic growth forecast of 7.0 percent.

The state budget includes spending of 246 billion meticais (US$4.77 billion), and 184 billion meticais, or 74.8 percent will be funded with domestic resources.

The remaining 62 billion meticais, or 25.2 percent of the total, will be raised from external resources, 40 percent donations and 60 percent from loans.

In addition to the economic growth forecast, the approved documents project inflation to remain below 5.6 percent and the budget deficit is projected at 10.2 percent of gross domestic product (GDP).

The PES also provides for net international reserves of around US$2.7 billion and for exports to reach US$3.6 billion, below the initial estimate of US$4.6 billion.

The Prime Minister, Carlos Agostinho do Rosário, said traditional export products, especially shrimp, tobacco, cashew nuts and sugar, will increase sales abroad by 14 percent, while exports from major projects, namely the mining industry, will fall by 5.4 percent. (macauhub/MZ)