Mozambique: Revision of Foreign Exchange Law sent to Parliament

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Mozambique: Revision of Foreign Exchange Law sent to Parliament

2:03 CAT | 05 May 2022

File photo: Lusa

The government on Tuesday approved a proposed revision of the Foreign Exchange Law, now to be submitted to the Assembly of the Republic, the Mozambican parliament.

A press release from the secretariat of the Council of Ministers sent to AIM notes that the proposed law aims to adjust the current legal regime to the current stage of economic growth in the country.

By adjusting the law to the legal regime, the executive aims to reduce bureaucracy in carrying out foreign exchange operations, making the market increasingly faster and in line with technological changes favouring fluidity in international trade relations.

IDPs, IMF, MCC and more

In the same Cabinet session, the government considered information on the process of returning displaced persons to those districts previously affected by the terrorist action in Cabo Delgado province, in the north of the country.

Since October, 2017, Cabo Delgado has been the victim of terrorist attacks that, according to official data, have already displaced more than 850,000 people, mainly from the districts of Macomia, Quissanga, Palma, Mocímboa da Praia and Muidumbe.

The Council of Ministers also appreciated the program with the International Monetary Fund (IMF) and the agreed measures, as well as the status of the Compact II Development Program, with the Millennium Challenge Corporation (MCC).

The government further considered the cholera outbreaks in Sofala and Zambézia provinces, both in the centre of the country, and the outbreaks of measles in the central province of Tete and in the northern province of Niassa.

The cabinet meeting also reviewed the preparations for the seventh edition of the National Tourism Fair (FIKANI Mozambique), an event in Maputo scheduled for next October, the 2021 academic year exams and matters concerning school staffing in 2020.

Source: AIM Moçambique