Mozambique: Government and MPDC plan to invest over two billion dollars in Maputo Port
O País / Government spokeswoman and Deputy Minister of Culture and Tourism, Ana Comoana
The Mozambican government announced on Tuesday that the data for the first half of this year indicate an annual growth of about three per cent in the country’s gross domestic product.
This means that production needs to pick up significantly in the second half of the year, if the target of a 5.5 per cent growth rate is to be met.
Briefing reporters at the end of the weekly meeting of the Council of Ministers (Cabinet), the government spokesperson, the Deputy Minister of Culture and Tourism, Ana Comoana, said that execution of the 2017 state budget in the January-June period stood at 45.7 per cent of the annual target. State revenue over these six months was 47.7 per cent of the annual projection.
The inflation rate had slowed down she added, and the Mozambican currency, the metical, had recovered some ground against the US dollar. Last year the metical depreciated sharply, and fell to 80 meticais to the dollar in September. But on Wednesday, the average exchange rate quoted for the metical was 61.31 to the dollar.
The country’s net international reserves have also shown a recovery, and are now sufficient to cover 5.3 months of imports of goods and non-factor services (excluding the imports of the foreign investment megaprojects).
“Based on these macro-economic indicators, and also on the sector indicators, the Council of Ministers makes a positive assessment”, said Comoana. “The government will continue to work to ensure compliance with the targets”.
At Tuesday’s meeting, the government also approved a revision of the regulations governing the foreign exchange law, which transfers all power to regulate exchange matters from the government to the Bank of Mozambique.
Comoana said the intention is to ensure that the central bank can intervene in good time, when necessary, on the exchange market, following the dynamics of the country’s economic and social reality.
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