Q&A | What does the IMF's R7bn support for Mozambique mean for the country?

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People carry their belongings off a boat as they arrive at Paquitequete beach in Pemba after fleeing Palma, Mozambique, which was hit by insurgents.
People carry their belongings off a boat as they arrive at Paquitequete beach in Pemba after fleeing Palma, Mozambique, which was hit by insurgents.
PHOTO: John Wessels/AFP

After a hiatus of six years, the International Monetary Fund (IMF) resumed its budgetary support for Mozambique, with about R7.3 billion ($496 million). 

The package is for three years and will "help support the economic recovery and policies to reduce public debt and financing vulnerabilities, creating space for priority investments in human capital, climate adaptation, and infrastructure", the IMF said in a statement.

It also noted that the fund would enhance the government's ambitious reform agenda, with key policy actions focusing on establishing a sovereign wealth fund to transparently manage LNG wealth, mobilising additional tax revenue, and strengthening public financial management and governance.

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