Mozambique receives visit from IMF technical mission

6 March 2019

A technical mission from the International Monetary Fund (IMF) is due to arrive in the Mozambican capital next Friday, 8 March, for further consultations with the Mozambican government with the back drop of the country’s so-called hidden debts, the multilateral institution said.

Following the Wall Street Journal’s revelation of the hidden debts in 2016, the IMF suspended a financial aid programme to Mozambique, followed by other countries and multilateral organisations that provided direct support to the country’s State Budget.

The IMF has always called for the people involved to be held accountable for the controversial loans and issuing eurobonds of three public companies worth more than US$2 billion, backed by the state but without the parliament’s knowledge.

Then Finance Minister Manuel Chang is under arrest in South Africa, where he waiting for the outcome of two extradition requests, initially presented by the United States and later by Mozambique.

IMF spokesman Gerry Rice said on Tuesday in Washington, announcing the visit to Mozambique, that the technical team will review the monetary policy measures recently adopted by the Bank of Mozambique.

Rice said that in addition to the hidden debt case, the macroeconomic situation in Mozambique and the short-, medium- and long-term prospects will be on the IMF staff’s agenda.

The previous visit by an IMF technical mission to Mozambique took place from 6 to 19 November 2018. (Macauhub)