Mozambique recovering after cyclones Idai and Kenneth, says IMF

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Mozambique recovering after cyclones Idai and Kenneth, says IMF

1:05 CAT | 13 Feb 2020

Photo: Miramar

The aftermath of Cyclone Kenneth is seen in Macomia District, Cabo Delgado province, Mozambique (Reuters)

The International Monetary Fund (IMF) said on Monday that Mozambique is recovering well from the devastating impact of cyclones Idai and Kenneth that battered the country last year.

IMF’s Deputy Managing Director Zhang Tao spoke to the press in Maputo after a closed-door meeting with Minister of Economy and Finance Adriano Maleiane, Bank of Mozambique Governor Rogerio Zandamela.

“The recovery is certainly the result of good policies and reforms that the country has been implementing for the past three years,” Zhang said, adding that the IMF expects the set of policies to continue for the next three years, in particular in areas that promote macroeconomic stability and structural reforms, including government reform.

Zhang said the IMF believes that Mozambique will have a positive prospect and that the institute remains committed to working with the government of Mozambique and its people.

The IMF and other cooperation partners have suspended support for Mozambique’s state budget since a “hidden debt” scandal became public in 2016.

Mozambique is currently negotiating with international partners over the form of resuming financial support for its state budget.

Source: CGTN Africa