Republic of Mozambique: Letter of Intent , Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding(Aqui só se fala da Ematum, os outros não existiam))

Letter of Intent

Maputo, Mozambique

December 2, 2015

Ms. Christine Lagarde

Managing Director

International Monetary Fund

Washington, D.C. 20431

U.S.A.

Dear Ms. Lagarde:

Since late 2014, the Mozambican economy has been increasingly affected by the decline in international commodity prices, resulting in falling export receipts and FDI, significant depreciation of the metical, and loss of international reserves. Despite severe challenges, the growth outlook is robust and inflation remains low, and the Government of Mozambique is taking policy measures to cope with the external shocks, including through fiscal adjustment and tightening of monetary policy stance. To support our effort, we are requesting an eighteen-month standby credit facility (SCF) arrangement to supplement the Policy Support Instrument (PSI) to augment reserves and provide a strong signal of our intention to maintain macroeconomic stability. The main objective of the SCF arrangement will be to alleviate the external balance of payments shocks, and through strengthening macroeconomic stability, to achieve the Government’s goals on poverty reduction and inclusive growth.

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