Mozambique’s public debt rises to 108,8% of GDP this year – IMF

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Mozambique’s public debt rises to 108,8% of GDP this year – IMF

4:23 CAT | 16 Oct 2019

The International Monetary Fund predicts, in a report released today, that Mozambique’s public debt will rise to 108.8% of GDP this year, and remain above 100% of GDP until 2023.

According to the ‘Fiscal Monitor’ statistical annex, released today in Washington at the IMF and World Bank Annual Meetings, Mozambique is expected to see a rise in the ratio of government debt to gross domestic product from 99.8%.in 2018 to 108.8% this year and 106.8% in 2020.

The IMF forecasts that public debt will remain at around 108% of GDP in 2021 and 2022 falling to 101.7% in 2023 and to 90.3% in 2024.

The IMF predicts that Mozambique’s economy will grow by 1.8% of GDP this year’, its lowest this century, then accelerate to 6% by 2020 and to 11.5% by 2024.

According to the World Economic Outlook report released Tuesday in Washington, IMF experts estimate that the Mozambican economy grew by 3.3% in 2018 and is experiencing the lowest economic expansion since at least the beginning of the century.

IMF data show an average growth of 8.2% in the first decade of this century and expansion of around 7% in 2015, the year when the slowdown became evident, with GDP falling from 6.6% on that year to 3.8% in 2016.

For the sub-Saharan Africa region as a whole, the IMF forecasts growth of 3.2% this year and 3.6% by 2020, “which is slightly lower in both years than expected in April”.

The ‘World Economic Outlook’ report does not go into detail about African economies but offers a more global view of the world economy.

Detailed analysis of sub-Saharan Africa will be released later this week at the IMF and World Bank annual meetings in Washington.

Source: Lusa