72.3Bln meticais revenue on 1st half

The execution of state budget for the first half of this year points to revenue of 72.3 billion meticais, 41 percent of forecasts. Total expenditure was 95.2 billion meticais, corresponding to 19.6 percent of the budget, comprising a 26.2 percent internal component and a 13.3 percent external, as influenced by the domestic and external economic situations.Speaking on Tuesday at the end of the 27th Ordinary Session of the Council of Ministers, government spokesman Mouzinho Saide said that the government estimates an annual growth rate of GDP at 4.5 percent and an annual average inflation rate of 10.12 percent.The Balance Report of the Economic and Social Plan (PES) 2016, Saide said, will be submitted to parliament for consideration soon.A week after Standard Bank revised its 2016 economic growth forecasts for Mozambique from 5.6 down to 2 per cent, the government states that during the first half, the national economy grew 4 percent.“An overall analysis of the indicators of the first half of the 2016 Social Economic Plan suggests that the goals will be achieved,” he said.Saide also announced that the government, through its disaster management agency, last weekend provided food items to families affected by strong winds in Maputo province.“The strong winds destroyed more than 270 houses,” he said, adding that the winds had aggravated food insecurity in a part of the country already suffering the effects of drought affecting almost the entire south and centre of Mozambique.Saide also announced the approval of a decree on the organisation of standards and operation of the Mozambique Insurance Supervision Institute, which will allow the issuing of licenses by qualified entities.