12 °c
London
Saturday, September 23, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Aid

Press Release: World Bank approves US$70M in support of Mozambique’s State Budget

FurtherAfrica by FurtherAfrica
December 23, 2015
in Aid, Banking, Donors, Economy, FDI, Finance, Government, Mozambique
Reading Time: 2 mins read
1.1k 67
0
World Bank provides Mozambique US$50m to reform forestry sector
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Today the World Bank Board of Executive Directors has approved US$70 million in support of the Government of Mozambique’s State Budget and its 5-year plan (Plano Quinquenal do Governo – PQG).

This International Development Association (IDA) funding is provided under the Eleventh Poverty Reduction Support Credit (PRSC XI) program that supports the Government’s programmatic reform agenda agreed upon with the World Bank in the context of general budget support.

Mozambique’s Gross Domestic Product (GDP) growth averaged more than 7 percent over the past two decades. However, there has been relatively little structural transformation in the economy resulting from that growth pattern.

The share of the manufacturing sector contribution to the economy grew from 13 percent in the early 1990s to only16 percent in the early 2000s, and fell to 10 percent in 2010-14.

The share of the agricultural sector, which initially fell from 35 percent before the end of the war to 24 percent in the early 2000s, has recently increased to 27 percent. Moreover, recent strong growth has had limited effect in poverty reduction.

“Mozambique widely recognizes the need for a shift in the country’s development paradigm toward one that is broad based and inclusive,” said Mark Lundell, World Bank Country Director for Mozambique, Madagascar, Mauritius, and Seychelles.

“This PRSC XI assists Mozambique’s efforts to improve its business climate, unleash the country’s ability to sustain an inclusive economic growth, and create jobs; key elements for tackling poverty reduction more effectively.”

This PRSC series also supports Mozambique in implementing reforms aimed at strengthening social protection, enhancing public finance management, and improving transparency and management in extractive industries.

“Reforms aimed at improving regulatory regime for extractives help promote investments in the sector. The revised fiscal regime ensures that the Government is able to capture a fair share of the rents generated.

Likewise, greater transparency in the use of natural resources revenues will contribute to a more judicious use of resources and sharing of benefits.

Finally, by supporting efficiencies in the current social protection programs, the PRSC series seeks to contribute to poverty alleviation more directly,” said Julio Revilla, World Bank Lead Economist for Mozambique.

This Eleventh Poverty Reduction Support Development Policy Financing is fully aligned with the priorities of the Government’s new 5-year plan and is an integral part of the Bank’s strategy to support it.

The proposed operation is the third and final of three annual single-tranche operations to be delivered over FY13-16. Fifty percent of the US$70million funding approved today is conceded in the form of a grant, while the other half is a concessional loan.

Source: AllAfrica

Related

Tags: IDAInfrastructureInternational Development AssociationMozambiqueNatural GasPRSCState BudgetWorld Bankモザンビーク莫桑比克
ScanSendShare450Tweet281Share79Pin101Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Africa

Nigeria’s smart city dream gets US$200M boost from Afreximbank

by The Exchange
September 22, 2023
Economy

South Africa’s finances are in a parlous state – Minister

by FurtherAfrica
September 22, 2023
Energy

Rwanda signs MoU to test nuclear reactor

by Energy Capital & Power
September 22, 2023
Mining

Mozambican ruby auction raises US$1.47M

by Club of Mozambique
September 22, 2023
Economy

Tanzania enhancing revenue collection efficiency

by Rafael Carvalho
September 22, 2023
Mozambique eVisa
 
MozParks

Translate this page

Read the Latest

Weekend

Top 5 islands in Kenya you must visit

by See Africa Today
September 23, 2023
0

Kenya is a small paradise teeming with beautiful landscapes, rich culture and breathtaking sceneries, not forgetting some of the best...

Read more

6 stunning beaches in Egypt to visit in 2023

September 23, 2023
The Forbes Billionaires’ list: Africa’s richest people 2022

Opportunity through adversity: 8th annual Africa risk-reward index

September 23, 2023

Elon Musk’s Starlink is off to a bright start in Africa

September 22, 2023

Nigeria’s smart city dream gets US$200M boost from Afreximbank

September 22, 2023

FurtherAfrica Partners Network

The Exchange Farmers Review Africa 360 Mozambique
TechGist Africa Energy Capital & Power Club of Mozambique
Taarifa Rwanda Web3Africa See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa  

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 107.3K other subscribers
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?