The
International Monetary Fund (IMF) has called for “stronger controls” over
Mozambican state owned companies, but continues to regard the countries high
growth rate and low inflation as “commendable”.On
Thursday the IMF Executive Board completed the fourth review of Mozambique’s
economic performance under the program supported by the Policy Support
Instrument (PSI). The IMF describes the PSI as an instrument designed for
countries that do not need balance of payments support.In
other words, Mozambique is no longer asking for or receiving IMF loans.
Nonetheless the IMF approval for Mozambique’s economic policies is still
regarded as useful, since it sends positive signals to other donors and funding
agencies.A
brief Thursday IMF press release cites the Deputy Managing Director and Acting
Chair, Min Zhu, as prising Mozambique’s growth and inflation record saying,
while warning that low commodity prices increase the risks associated with the
country’s coal and natural gas projects for the immediate performance.He
described Mozambique’s performance under the PSI as “mixed”, claiming that
“While structural reforms have been proceeding, there were macroeconomic policy
slippages and reserve losses in late 2014”.Nonetheless
the IMF was optimistic that “With a strong fiscal adjustment envisaged in the
current budget and a recent tightening of liquidity conditions, needed steps to
maintain macroeconomic stability are now in place. The decline in international
reserves has largely been reversed, and greater exchange rate flexibility will
help the economy to better respond to external shocks in the period ahead”.“The
strong fiscal adjustment in the budget appropriately calls for revenue
mobilization and expenditure restraint, while safeguarding social programs”,
the release adds. “Recent fiscal reforms have strengthened the policy framework
but more needs to be done to improve public financial management, including by
stronger controls over state-owned enterprises and enhanced management of fiscal
risk”.The
IMF does not say which state-owned enterprises it has in mind, but it is
reasonable to assume that the Mozambican Tuna Company (EMATUM) is among them,
given the fact that this year it must start repaying the 850 million US dollar
loan it obtained on the Eurobond market in 2013.The
press release concludes that “Ongoing progress on a broad range of structural
reforms, including the passage of the new mining and hydrocarbon legislation,
is encouraging. Nonetheless, further measures are needed to make poverty more
responsive to growth and strengthen the business climate.”
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