World Bank will lend government US$70 million to reduce poverty

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World Bank will lend government US$70 million to reduce poverty

1:36 CAT | 29 Dec 2015

Jornal O País / The decision was made last week by the executive board of the World Bank.

The World Bank will lend the Mozambican government US$70 million (about 3.2 billion meticais) to reduce poverty, strengthening the 2016 state budget which is currently forecast to run at a deficit of 69.6 billion meticais.

Funding will be provided through the International Development Association (IDA), a World Bank agency that provides interest-free loans and grants to poor countries. This is the institution’s eleventh round of support for the country’s poverty reduction program.

According to a press release published on the World Bank website, this is last of the three annual tranches due to be handed over to the government under a package agreed in 2013.

“This eleventh payment will assists the efforts of Mozambican government in improving the business environment to boost the country’s ability to sustain inclusive economic growth and create jobs,” the statement said.

Source: Jornal O País