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FoEA Press Statement: Mozambique suffers another deadly blow from tropical Storm Filipo

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Author: GFMag. Mining and gas reserves made Mozambique a darling among foreign investors—until last year. Now the government needs to diversify. Since the country that emerged from a year-long civil war in has achieved average annual GDP growth of 7. This sterling performance was buoyed by coal, which Mozambique began mining and exporting only a few years ago; broad expansion in the financial services, construction and agricultural sectors; and an inflow of foreign direct investment. But like most African economies that depend heavily on commodities exports, Mozambique is suffering from their price drop, and the government must find ways to diversify the economy to rekindle its momentum. The World Bank estimates that growth slowed to 6. Mozambique has coking or metallurgical coal, which is used to make steel. Coal prices, which have fallen by more than half since , are an even bigger problem. The earnings decline is causing severe fiscal strain. Meanwhile, the budget deficit swelled from Planned spending cuts are intended to trim the shortfall to Yet the pressure on public spending is far from over. The proceeds were ostensibly for purchase of fishing equipment, but they ended up being spent largely on defense. Shenanigans aside, the state guaranteed the debt, so repayment falls on its shoulders. The Bank of Mozambique has been doing its part to improve investor confidence. In December for the third month in a row it raised interest rates, boosting its lending rate to commercial banks by basis points to 9. The bank also raised reserve requirements, to The tightening measures followed years of easy monetary policies. As for FDI, he adds, economic policy matters more than central bank moves. Mozambique has a few things going for it. Despite negotiating delays, ENI and Anadarko are likely to make final investment decisions on the LNG plants in the second half of this year. Production from the plants is expected to begin in late And if the government succeeds in restructuring its Ematum debt, it will get some fiscal reprieve. In the long term, however, Mozambique needs to diversify away from the unstable extractive sector. Financial services have a role to play in the process, says Rasaq, but there are challenges. Particularly challenging is lending to small and medium-size enterprises, because of credit risk and capital requirements. Even for qualifying SMEs, rates are often prohibitive. We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. Government Bond Ratings foreign currency.

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