New deputy governor of Central Bank sworn in – Courageous measures needed to restore stability

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New deputy governor of Central Bank sworn in – Courageous measures needed to restore stability

7:52 CAT | 04 Jan 2017

presidencia.gov.mz

Mozambican President Filipe Nyusi on Tuesday urged the new Deputy Governor of the Bank of Mozambique, Victor Pedro Gomes, to make every effort to help stabilize the country’s economy.

Speaking at the ceremony where he swore Gomes into office, Nyusi said “we expect from the Bank of Mozambique concrete actions that allow the restoration of macro-economic stability”.

He recognized that Gomes is moving into the leadership of the central bank at a “very delicate” moment in the country’s history.

“The scale of the challenges we face is enormous”, said Nyusi, “particularly with regard to macro-economic management. We know that 2017 reserves enormous challenges for us, and so we need total commitment from all of us in all areas”.

Over the last two years, the President added, “we have been confronted with internal and external shocks which put to the test our capacity for resilience and for overcoming barriers”.

“Courageous measures” were needed from the authorities, including the Bank of Mozambique, said Nyusi, to ensure that the country can return to the international markets, and obtain the resources needed to implement the government’s priorities.

The International Monetary Fund (IMF), the World Bank, and most other western partners cut off their financial cooperation with Mozambique, following the discovery that the previous government, under President Armando Guebuza, had not disclosed the true state of the country’s debt situation. Over 1.1 billion dollars in government guaranteed loans to the security related companies Proindicus and MAM (Mozambique Asset Management) had not been disclosed.

Restoring normal relations between the government and its foreign partners depends on an independent international audit of Proindicus, MAM and Ematum (Mozambique Tuna Company), to ascertain exactly what happened to all the money, as well as measures to restore Mozambique’s debt servicing to sustainability.

At the same ceremony, Nyusi swore into office four deputy vice-chancellors for the Eduardo Mondlane University (UEM) and for the Lurio University (Unilurio), based in Nampula. The two deputy vice-chancellors for the UEM are Armindo Daniel Tiago and Amália Alexandre, while those for Unilurio are Sonia Maria Ataíde Maciel and Marcelino Liphola.

He told the four university officials that higher education needs far-reaching changes in order to become more dynamic and productive.

“We need changes that contribute to improving graduation and impel a growth in the qualitative and quantitative knowledge of our institutions of higher education”, declared Nyusi.

Each of the universities, he said, should define its role in the development of the country. “The country cannot continue depending on outside consultants in the scientific and technological areas”, he declared.

Source: AIM