IMF to provide US$120 million to repair Cyclone Idai damage

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IMF to provide US$120 million to repair Cyclone Idai damage

2:20 CAT | 28 Mar 2019

in file CoM

The International Monetary Fund (IMF) is making US$120 million available to Mozambique to help restore the damage caused by cyclone IDAI.

Ricardo Veloso, the head of the IMF’s African Department Division, said Mozambique would only start repaying the interest-free loan after four or five years.

“In the case of Mozambique, we worked with the country’s share of the IMF, so the amount would be somewhere between US$60 million and US$120 million and a disbursement. Given the magnitude of what happened here, my expectation is that it will be closer to the higher value – US $ 120 million – but that is a 10-year loan at zero interest and with a grace period of four or five years – the most concessional type of loan the IMF has,” Veloso said in Maputo on Tuesday at an IMF press conference assessing the macroeconomic situation in Mozambique.

Source: Rádio Moçambique