IMF Staff Concludes Visit to Mozambique
IMF News, June 12, 2026
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- Published: June 12, 2026
Mission summary
- An IMF team, led by Pablo Lopez Murphy, visited Maputo from June 8–12 to assess the economic situation and outlook and to hold discussions with the Mozambican government on their plan for navigating the challenges ahead.
- Press Release No. 26/199.
- End-of-Mission press releases convey preliminary findings after a visit. The views expressed are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.
Main economic findings
- Economic activity is gradually recovering from a contraction in 2025, but growth remains subdued.
- Inflation has risen recently, although from moderate levels.
- Fiscal imbalances narrowed in 2025 amid tight financing conditions, but fiscal and debt vulnerabilities persist.
- External imbalances widened in 2025—driven by weaker exports and higher imports associated with large investment projects.
- Persistent FX shortages continue to weigh on imports and economic activity.
External and global risk factors
- The war in the Middle East has driven up fuel and fertilizer prices, creating additional pressures for Mozambique.
- Recent climate shocks have contributed to weak growth and reduced policy space.
- These adverse developments pose additional downside risks to growth and upside risks to inflation.
Policy discussions and priorities
- Initial discussions focused on policies needed to restore macroeconomic stability and debt sustainability, including:
- Further improving the fiscal position in a sustainable way while protecting the vulnerable and poor.
- Strengthening the monetary and exchange rate policy framework.
- Preserving financial stability.
- Improving governance.
- Fostering private sector-led growth.
Next steps and engagement with authorities
- Staff discussed with the authorities their request for a Fund-supported arrangement and will return to Maputo in coming months to further discuss the request and the authorities’ policy plans.
- The team met with Finance Minister Carla Loveira, Bank of Mozambique Board Member Maria Esperança Mateus Majimeja, other senior government and central bank officials, the private sector, and development partners.
- The team thanked the Mozambican authorities for their frank and constructive engagement and support during the mission.
Press Release No. 26/199 — June 12, 2026.