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Mozambique’s Nyusi to meet IMF officials in US
8:30 CAT | 14 Sep 2016
Nation Media Group (File ohoto) / Mozambique's President Filipe Nyusi.
Mozambican President Filipe Nyusi arrives in the US for a working visit, the media reported.
Mozambican news agency Agência de Informação de Moçambique (AIM) quoted a statement from the country’s presidency saying the visit would end on Saturday.
The AIM report said the visit aims at improving and strengthening the ties between the two states.
It further said President Nyusi would visit Washington DC and Houston City in Texas.
Financial aid
In Washington and Houston, AIM explained, President Nyusi will hold talks with the World Bank and the International Monetary Fund (IMF) officials as well as local businesspeople.
The southern African country has been on the spot since the British government in April suspended financial aid over an alleged “serious breach of trust”, relating to undisclosed debts.
The announcement followed similar action by the IMF and the World Bank.
External debt
The IMF in April said in a statement that Mozambican authorities had admitted failure to disclose external debt in excess of $1 billion.
The US in June said it was considering suspending its financial aid to the southern African country.
An IMF team is expected in Maputo from September 22 to review recent economic developments and offer advice.
Mozambique was struggling with debt after a commodity slump reduced its export revenue and depreciation of the local currency boosted the cost of payments and imports.
Head of mission
President Nyusi recently appointed Mr Rogerio Zandamela as governor of the Central Bank, replacing Mr Ernesto Gove, whose term ended last month after 10 years at the helm.
Mr Zandamela was most recently the IMF’s head of mission for Somalia and Djibouti. He previously served as it’s resident representative for Brazil, and head of mission for Armenia, Malaysia, Peru and Zimbabwe, among others.
Texas-based oil company Anadarko estimates Mozambique has 100 trillion cubic feet of gas in its concession off the north-eastern coast.
The reserves could make Mozambique the third-largest exporter in Africa.
Source: Africa Review
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