He
worked as an economist in one of the main Portuguese banks, the Banco de
Fomento Nacional, first in Lisbon, and then in Maputo (still known as Lourenco
Marques in those days).
His
Frelimo membership became known after the fall of the colonial-fascist regime
in Portugal on 25 April 1974. In the transitional government set up after the
independence agreement was negotiated in September that year, Machungo was
appointed Minister for Economic Coordination. In the first government appointed
by President Samora Machel in June 1975, Machungo was Minister of Industry. In
1978, he was moved to the Agriculture portfolio, and in 1980 became Minister of
Planning. In 1986, Machungo became independent Mozambique’s first Prime
Minister – a post which had not existed in the immediate post-independence
governments. Among his early tasks in this position were negotiations with the
International Monetary Fund (IMF), and the drafting of the country’s first
structural adjustment programme (known as the Economic Recovery Programme, or PRE).
He remained prime minister until 1994.
In
1995, Machungo became the founder and Chairperson of the Board of the
International Bank of Mozambique (BIM), which became the largest commercial
bank in the country. He remained at the head of the bank until 2015. Machungo
is the second member of Samora Machel’s Political Bureau to die within a week.
The first was the veteran nationalist and founder member of Frelimo, Marcelino
dos Santos, who died last Tuesday at the age of 90.
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