8 °c
London
Sunday, April 11, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Mozambique plans hefty budget deficit in 2017 after aid suspended

FurtherAfrica by FurtherAfrica
December 8, 2016
in Africa, Banking, Economy, Finance, Government, Mozambique
Reading Time: 1 min read
0
Mozambique’s economy grows 5.3 pct in 1st quarter of 2016
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Mozambique plans state spending of a third more than budgeted revenue in 2017 and to cover the shortfall with domestic and foreign loans, state news agency AIM quoted Finance Minister Adriano Maleiane as saying on Wednesday.

The country budgeted for a deficit of 11 percent of GDP this year, high by international standards, at a time when it had the financial support of the International Monetary Fund.

But the Fund and other donors suspended assistance earlier this year after the emergence of more than $2 billion in loans that were not approved by parliament or disclosed publicly, sending the metical currency into freefall.

That, and steep declines in commodity prices, have sharply slowed growth in one of Africa’s poorest economies.

Maleiane said next year’s spending would total 272 billion meticais ($3.74 billion).

Adriano Maleiane, Mozambique's Minister of Economy and Finance
Adriano Maleiane, Mozambique’s Minister of Economy and Finance

He pegged state revenue at $2.5 billion, which indicated the deficit would narrow next year. Mozambican economic output totalled $15.6 billion in 2013, according to the latest available World Bank figures.

An IMF official said last month the Fund might agree a new aid programme early next year if the government renegotiated loans with creditors and allowed an independent debt audit.

Maleiane said spending on education would account for 23 percent of next year’s budget while infrastructure, which was ravaged by a 16-year civil war that ended in 1992, would cover 18 percent, AIM reported.

Mozambique, a former Portuguese colony, emerged from that war to become one of Africa’s best-performing economies, with annual growth averaging around 8 percent between 1996 and 2008.

Growth is expected to accelerate to 5.5 percent in 2017 from a projected 4.5 percent this year.

($1 = 72.6500 meticais)

Source: Reuters

Related

Tags: Adriano Maleianebudget deficitFinance MinisterIMFInternational Monetary FundMozambiqueState BudgetWorld Bankモザンビーク莫桑比克
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

Culture Minister Invites Foreigners to Invest in Angola

Next Post

EyeWitnessNews: Maputo to South Africa, The Catembe bridge (VIDEO)

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

Akon City
Construction

Akon to build second futuristic ‘Akon City’ in Uganda

by Mark-Anthony Johnson
April 11, 2021
Expressway Through Nairobi National Park? KWS Explains It All
Weekend

Zambian city dwellers look to nature to stay sane

by Staff
April 11, 2021
Weekend: Love yourself and celebrate your victories!
Lifestyle

Weekend: Love yourself and celebrate your victories!

by Sibongile Nchifor
April 10, 2021
Ethiopian Airlines celebrates 75th anniversary
Aviation

Ethiopian Airlines celebrates 75th anniversary

by Mark-Anthony Johnson
April 10, 2021
African leaders pay tribute to Prince Philip
Diplomacy

African leaders pay tribute to Prince Philip

by FurtherAfrica
April 10, 2021
Next Post

EyeWitnessNews: Maputo to South Africa, The Catembe bridge (VIDEO)

Gas technology makes case for flexibility as South Africa mulls power road map

South Africa's Sibanye Gold to buy US Stillwater Mining for $2.2bn

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

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

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • 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
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

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?