For more information, see Republic of Mozambique and the IMF

Republic of Mozambique—Enhanced Structural Adjustment Facility
Policy Framework Paper for 1998–2000

Table 1. Mozambique: Selected Economic and Financial Indicators, 1994-20001
  1994 1995 1996 1997 1998
Prog.
1999
Proj.
2000
Proj.

  (Annual percentage change, unless
otherwise specified)
National income and prices
   Real GDP 7.5 4.3 7.1 12.4 9.1 9.6 6.9
   Real GDP (excluding large projects) 7.5 4.3 7.1 12.4 7.2 7.3 7.0
   Real GDP per capita 0.9 -0.5 3.5 9.4 6.2 6.8 4.1
   GDP deflator 59.4 52.0 40.9 8.8 7.0 5.8 7.7
   Consumer price index (annual average) 63.1 54.4 44.6 6.4 3.3 7.7 6.0
   Consumer price index (end of period) 70.2 54.1 16.6 5.8 6.5 6.0 6.0
 
External sector
   Merchandise exports (total) 24.4 6.3 29.8 -2.3 32.0 17.7 8.0
   Merchandise exports (excluding large projects) 24.4 6.3 29.8 -2.3 8.2 9.2 8.7
   Merchandise imports (excluding large projects) 6.2 -22.1 6.4 -1.7 16.1 7.5 6.7
   Merchandise export volume (excluding large projects) 23.8 -2.9 31.0 -1.8 5.9 5.3 6.9
   Merchandise import volume (excluding large projects) 2.8 -29.5 6.9 8.4 21.1 6.0 5.4
   Terms of trade (excluding large projects) -2.7 -1.0 -0.4 9.8 6.6 2.2 0.3
   Nominal exchange rate (average, US$/Mt) -37.1 -33.1 -20.1 -2.2 ... ... ...
   Real effective exchange rate (dep. = -) 28.3 -4.4 14.9 14.7 ... ... ...
 
Government budget
   Total revenue 39.6 58.1 44.2 31.8 18.5 12.4 21.7
   Total expenditure and net lending 77.7 25.9 31.3 34.7 14.7 17.5 13.5
      Current expenditure 69.4 10.6 40.6 38.8 20.5 22.1 13.0
      Capital expenditure and net lending 93.1 40.1 24.5 31.3 9.5 13.0 14.0
 
Money and credit (in percent of opening M2)
   Net domestic assets, of which: 33.8 15.2 -27.2 2.3 9.7 9.8 ...
      Net credit to the government -3.7 -4.3 -8.8 -10.8 0.5 0.0 ...
      Credit to the rest of the economy 30.5 25.9 22.4 31.8 17.9 17.5 ...
   Broad money (M2)2 57.6 54.7 21.1 24.4 17.0 16.0 ...
   Velocity (GDP/M2) 3.4 3.5 4.4 4.3 4.3 4.3 ...
   Rediscount rate (end of period, in percent) 69.7 57.8 32.0 13.0 ... ... ...
 
  (In percent of GDP)
Saving-investment balance
   Gross domestic investment 31.3 36.1 30.1 29.5 35.2 41.0 40.6
      Public 12.9 11.0 9.3 10.0 9.1 9.2 9.1
      Private 18.4 25.1 20.8 19.5 26.0 31.8 31.5
   Gross national savings 15.0 18.6 14.5 20.0 20.2 19.7 21.2
      Public 12.1 13.2 8.7 11.1 9.5 7.6 8.0
      Private 2.9 5.4 5.8 8.9 10.7 12.1 13.2
   External current account (after grants) -16.3 -17.4 -15.6 -9.6 -15.0 -21.3 -19.4
 
Government budget3
   Total revenue 14.0 14.0 13.4 14.4 14.9 14.5 15.3
   Total expenditure and net lending 37.7 29.9 26.1 28.7 28.7 29.2 28.7
   Overall balance before grants -23.7 -15.9 -12.7 -14.3 -13.8 -14.7 -13.4
   Total grants 17.1 12.1 8.8 10.1 9.1 9.1 8.4
   Overall balance after grants -6.6 -3.8 -3.9 -4.2 -4.7 -5.5 -5.0
   Domestic primary balance -22.3 -13.3 -10.8 -12.5 -11.7 -13.3 -12.0
   Domestic bank financing -0.2 -0.8 -1.7 -1.9 0.0 0.0 0.0
 
  (In percent of exports of goods and
nonfactor services)
Net present value of total external debt outstanding4 ... 4,308.3 1,887.3 691.4 644.3 443.2 402.3
Total external debt service5
   Scheduled, including IMF debt6 131.7 103.7 74.4 71.6 80.0 74.5 86.5
   Actual, including IMF debt 33.0 27.5 28.1 24.9 33.5 36.9 39.9
   Actual, excluding IMF debt 29.9 23.7 21.3 22.5 29.0 32.2 35.6
 
  (In percent of government revenue)
External nonfinancial public debt service7
   Scheduled6 176.7 132.9 91.9 72.6 74.0 66.6 77.1
   Actual 19.1 25.8 31.4 21.0 22.9 24.6 24.6
 
  (In months of imports of goods and
nonfactor services)
Gross international reserves (end of period) 2.2 2.7 4.4 6.2 5.3 4.4 4.0
 
(In millions of U.S. dollars)
External current account (after grants) -300 -338 -337 -263 -464 -727 -706
Overall balance of payments -377 -280 -49 -67 -256 -270 -430
Total external debt (end of period) 8,671 8,911 9,279 7,432 7,150 7051 7,297
External arrears (public sector, end of period)8 2,508 2,895 2,830 619 0 0 0
Gross international reserves (end of period) 209 225 383 532 571 590 534
 
  (In millions of SDRs)
Use of Fund resources
   Enhanced Structural Adjustment Facility disbursments 14.7 0.0 12.6 25.2 25.2 12.6 ...
   Enhanced Structural Adjustment Facility repayments 7.3 9.5 22.3 11.0 18.1 22.8 22.2
   Outstanding amount 145.2 135.8 126.1 140.1 147.2 137.0 114.9
Quota 84.0 84.0 84.0 84.0 84.0 84.0 84.0
 
  (In units specified)
Nominal GDP (Mt billions)   10,860   17,220   25,982   31,780   37,095   43,027   49,521
Market exchange rate (12-month average, Mt/US$) 5,918 8,890 11,294 11,546 ... ... ...

Sources: Mozambican authorities, and Fund staff estimates and projections.
1For price, exchange rate, and trade data, percentage changes are over the preceding 12 months; for fiscal data, they are over the same period a year earlier. Fiscal and monetary data are cumulative for the year.
2Includes foreign currency deposits.
3In percent of nonenergy GDP.
4Refers to public and publicly guaranteed debt after rescheduling, in percent of three-year export average.
5Including nonguaranteed private sector debt.
6Before debt relief.
7Excludes IMF debt.
8In view of the best efforts being undertaken by Mozambique to conclude debt-rescheduling agreements, the country is deemed to have no arrears outstanding for programming purposes.
 

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