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Home Economy

World Bank committed to Mozambique budget support

Emmanuel Chilamphuma by Emmanuel Chilamphuma
May 11, 2022
in Africa, Development, DFI, Economy, FA, Finance, Mozambique
Reading Time: 1 min read
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Nigeria needs currency reform for US$1.5B World Bank loan, country director says

Speaking this morning after a meeting with the country Minister of Finance Max Tonela in Maputo, the World Bank Country Director for Mozambique, Mrs. Idah Pswarayi-Riddihough reaffirmed the Bank’s commitment to Mozambique.

Just a couple of days after the IMF announced their budget support to the country, Mrs. Pswarayi-Riddihough made remarks indicating that the World Bank will also be providing budget support to the government. A US$300M disbursement is expected to be approved by the Bank’s board by the end of next June.

Also read: IMF board approves Mozambique’s US$470M credit line

There are also 2 other tranches under discussion for 2023 and 2024 for which the amounts are not set and are dependent on the reforms the Government will introduce.

The World Bank is in the process of finalizing its engagement direction with Mozambique which will define the country’s partnership framework and will pave the way for a joint agreement with the government and other development partners including the IFC and MIGA.

Also read: Mozambique reports on impact of COVID funds

Mrs. Pswarayi-Riddihough thanked the Government and acknowledged their focus in a number of reforms, highlighting their current drive towards transparency, governance and attention to the most vulnerable part of the population.

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Tags: budget supportCountry Director for MozambiqueFeatureIdah Pswarayi-RiddihoughIFCIMFInternational Monetary FundMIGAMozambiqueWorld BankWorld Bank committed to Mozambique budget supportмозамбикموزمبيقモザンビーク莫桑比克
Emmanuel Chilamphuma

Emmanuel Chilamphuma

Emmanuel is the founder and principal of Sarko Partners, a UK-based business development agency bridging opportunities between the UK and key African markets. He has developed his career as a Senior Africa-focused Analyst having held positions in different private investment groups operating in Subsaharan Africa. Emmanuel also holds a position at FurtherMarkets where he manages a number of Business Development initiatives connecting Southern Africa to foreign markets, particularly the UK, the US, and the European Union. Emmanuel was born in Zimbabwe to a Malawian family and grew up in London. He holds an International Economic Law degree from the University of London.

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