Mozambique has turned to the International Monetary Fund for US$286 million in emergency aid to help cushion the economy after the currency lost almost a third of its value.
The funds are tied to an 18-month program that the government must implement to help bring stability to the economy following the sharp drop in commodity prices, the Washington-based lender said in a statement on Thursday. The policy package includes curbing the budget deficit, raising interest rates and improving the way the foreign-exchange market works.
“While medium-term prospects remain positive, short-term challenges have become more complex,” the IMF said. “As other countries in the region, Mozambique is currently experiencing an external shock associated with the drop in commodity prices, lower growth in trading partners, and delays in investment associated with large natural resource projects.”
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