Mozambique demands global financial reform

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Mozambique demands global financial reform

4:30 CAT | 23 Jun 2025

Photo: Alexandr Kryazhev / Sputnik

Mozambique’s minister of planning and development has invited Russia and developing nations to collaborate in building a fair world economic system

Mozambique has voiced support for creating a new global financial system that fosters sustainable economic development across Africa, expressing its willingness to collaborate with Russia in achieving this goal.

During the ‘Russia-Africa Business Dialogue’ at the 28th St. Petersburg International Economic Forum (SPIEF), Mozambique’s Minister of Planning and Development, Salim Vala, emphasized the need for financial reform that empowers African nations. Despite Mozambique’s rich resources—including natural gas, gold, rubies, and coal—Vala said the country’s greatest asset is its people. He stressed that long-term development must focus on improving their well-being.Finance consulting

Outlining Mozambique’s 20-year economic vision, Vala stated that the country aims to diversify beyond fossil fuels by modernizing agriculture and driving industrial growth. “We must join forces with Russia, fellow African countries, and the broader Global South to establish a new financial framework and strengthen private sector development,” he said.

Vala also urged a shift in global narratives, advocating for a more positive image of Africa—one centered on education, health, innovation, and prosperity. He noted that deeper collaboration with Russia could help boost infrastructure development, attract investment, create jobs, and reduce inequality.Finance consulting

Echoing this sentiment, Eugenio Alberto Macumbe of Mozambique’s ICT Regulatory Authority recently highlighted the importance of learning from Russia in the areas of digital transformation and artificial intelligence. At a national technology fair in May, Vala also reaffirmed that information and communication technology (ICT) will be critical to Mozambique’s growth in the coming decades.