WATCH: Mozambique to have 4.7 percent economic growth this year – Prime Minister

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WATCH: Mozambique to have 4.7 percent economic growth this year – Prime Minister

11:51 CAT | 10 Oct 2017

TVM

Prime Minister Carlos Agostinho do Rosário has told SADC member states that Mozambique is recovering and its economy will grow by 4.7 percent this year.

Carlos Agostinho do Rosário said that economic stability was a result of the peaceful environment in the country and the political and monetary measures implemented by the government.

TVM reports that the country’s economy suffered a heavy blow from the severe drought in the southern region, the fall of export products in the international market and Renamo’s armed attacks, but the winds of change are now blowing.

The prime minister told the SADC countries that the metical was stabilising against the US dollar and had remained at 61 meticais since May after reaching 80 meticais to the dollar in 2016.

Mozambique had also registered an improvement in the balance of payments, permitting a substantial increase in the net international reserves, now sufficent to cover six months of goods and services imports.

The prime minister said that, despite the improvement, many challenges remained, and that the government would continue to diversify the production base and focus on increasing production across the value chain, ensuring greater participation by small and medium-sized enterprises.