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Mozambique’s IMF loan programme to be decided next week – Official

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The International Monetary Fund could approve a loan programme for Mozambique next week to help the country recover from a devastating cyclone, an official with the international lender said.

Director of the IMF African Department, Abebe Selassie, said this at the spring meetings of the IMF and World Bank in Washington.

“We have moved very rapidly to support Mozambique,” said Selassie.

He said the IMF’s board could decide on a so-called rapid credit facility in the order of 120 million dollars next week.

Cyclone Idai tore through central Mozambique on March 14, and earlier this month the World Bank said the direct economic losses could be as high as 773 million dollars.

That estimate covered damage to buildings, infrastructure and agriculture.

IMF Managing Director, Christine Lagarde, on Thursday promised a prompt payment to Mozambique as soon as the global lender’s board approves the credit facility.

Source: Independent

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