Mozambique’s economy recovering from cyclones Idai and Kenneth – IMF Deputy Managing Director Tao Zhang

The economy of Mozambique is recovering well from the effects of Tropical Cyclones Idai and Kenneth last year, but for growth to accelerate and become more inclusive, economic policies should remain prudent while reforms continue, said Mr. Tao Zhang, Deputy Managing Director of the International Monetary Fund (IMF), who visited Mozambique between February 8­ and February 11.

The President of The Republic of Mozambique Mr. Filipe Jacinto NYUSI arrives at Sochi International Airport to attend the Russia–Africa Summit. Photo: Alexander Ryumin/TASS

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Mr. Zhang said reforms should include actions to strengthen governance and transparency, address climate vulnerabilities, and achieve the Sustainable Development Goals.

Mr. Zhang met with President Filipe Nyusi of Mozambique, Ministers Maleiane, Tonela, and Mondlane, Bank of Mozambique Governor Zandamela, other senior officials, and representatives from the private sector, civil society, and the international community.

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In addition, Mr. Zhang toured a drought recovery and resilience project in rural Matutuíne, financed by the African Development Bank, and visited a shelter for the vulnerable elderly in Maputo.

“It was a great privilege to visit Mozambique for the first time and learn firsthand of the opportunities and challenges facing the country. It was a particular honor to meet President Nyusi and hear his vision for the country,” Mr. Zhang said after concluding his mission.

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“The LNG sector under development in northern Mozambique has sizable potential and, given the appropriate policies and safeguards, could lift millions of people out of poverty. It will also help reduce green-house gases, although zero-emission fuels will ultimately be needed in the fight against climate change.

“The IMF stands ready to further strengthen its collaboration with the Mozambican authorities and help advance their reform agenda.”

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