IMF Staff Completes 2025 Article IV Mission to Mozambique
IMF News, November 21, 2025
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Bibliographic details
- Published: November 21, 2025
Mission summary
- Mission leader: Pablo Lopez-Murphy, IMF mission chief for Mozambique.
- Mission dates: visited Maputo from November 12–21.
- Press Release No.: 25/387.
- Purpose: Discussions for the 2025 Article IV Consultation with Mozambique.
- Principal interlocutors: Finance Minister Carla Loveira; Governor Rogério Zandamela of the Bank of Mozambique; other senior government and central bank officials; members of the Parliamentary Budget Commission; private sector; civil society organizations; development partners.
- Media contact: PRESS OFFICER: Wafa Amr; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson.
Economic assessment and outlook
- Current conditions:
- "Economic activity is gradually recovering from an abrupt contraction during the last quarter of 2024, and inflation pressures are muted."
- "Growth remains subdued."
- Risks and constraints:
- Constrained funding environment.
- Policy uncertainty.
- Foreign exchange shortages.
- Elevated fiscal and debt vulnerabilities, including government arrears.
- Acute government financing challenges.
- Positive developments:
- Recent announcement by TotalEnergies to resume its major LNG project — potential boost to medium-term growth.
- Mozambique’s exit from the Financial Action Task Force (FATF) grey list — reflects progress in anti-money laundering and counter-terrorism financing frameworks.
- Outlook characterization:
- "The outlook is marked by significant uncertainty."
- Without decisive policy action, vulnerabilities could deepen, undermining macroeconomic stability and the wellbeing of the population.
Key findings (preliminary)
- Inflation: pressures described as "muted."
- Growth: "gradually recovering" but "remains subdued" after an abrupt contraction in Q4 2024 tied to social unrest following the October 2024 elections.
- External sector: FX pressures are adding to macroeconomic challenges.
- Debt and fiscal: Elevated fiscal and debt vulnerabilities, government arrears, and acute financing problems are weighing on near-term growth prospects.
Policy recommendations and priorities
- A coordinated policy package to:
- Restore macroeconomic stability and anchor debt sustainability.
- Include urgent fiscal consolidation while protecting the vulnerable and poor.
- Implement greater exchange rate flexibility.
- Advance structural reforms to improve governance and foster private sector-led growth.
- Objective: improve growth prospects, facilitate job creation, and reduce poverty.
Meetings, engagement, and process
- Engagement: The team met a broad set of stakeholders including government, central bank, parliamentarians, private sector, civil society, and development partners.
- Next steps: Based on preliminary findings, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.
- Statement attribution: End-of-Mission press releases convey preliminary findings and "the views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board."
IMF Staff Completes 2025 Article IV Mission to Mozambique — November 21, 2025