Press Release No. 12/24

Press Release: Statement by IMF African Department Director Antoinette Monsio Sayeh at the Conclusion of her Visit to Mozambique

January 25, 2012

Ms. Antoinette Monsio Sayeh, Director of the African Department of the International Monetary Fund, made the following statement in Maputo today:

“It is a great pleasure to be here for my first visit to Mozambique in my capacity as Director of the IMF African Department. I am grateful to Prime Minister Aires Ali, Vice-Ministers Couto and Nakhare, Governor Gove, and other senior officials for their very warm hospitality as well as for very productive discussions. It is also a great opportunity for the African Department of the IMF to hold in Maputo the annual workshop of all its representatives residing in the continent.

“The Mozambican authorities should be commended for their strong commitment to sound economic policies and for an impressive economic track record over many years. Mozambique weathered well the global economic crisis in 2008/09 thanks to a strong and timely policy response. But the global economy now faces new challenges as the recovery stalls and downside risks intensify.

“In this difficult context, I agreed with the authorities that policies need to tread a fine line between defending against a global downturn in the near-term and remaining focused on the country’s transformation agenda as laid out in the 2011-14 poverty reduction strategy (PARP). This calls for the prioritization of public resources towards productive purposes, including investment in infrastructure and human and social development, as well as policies fostering the private business environment and the diversification of the structure of the Mozambican economy. Above all, I agreed with the government’s commitment to ensure that more Mozambicans benefit from future economic growth through policies that boost job creation.

“The IMF remains committed to supporting Mozambique’s economic program, which aims to enhance growth and reduce poverty, with the existing three-year Policy Support Instrument (PSI), technical cooperation to strengthen capacity in economic and financial policy implementation, and financial support should the need arise."