Maputo: An International Monetary Fund (IMF) team, led by Pablo Lopez Murphy, visited Maputo from June 8–12 to assess the economic situation and outlook, and hold discussions with the Mozambican government on their plan for navigating the challenges ahead.
At the conclusion of the mission, Mr. Lopez Murphy issued the following statement:
“Mozambique is facing a challenging economic situation amid an increasingly difficult global environment. 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—while persistent FX shortages continue to weigh on imports and economic activity.
“The war in the Middle East, which has driven up fuel and fertilizer prices, is hitting Mozambique at a time when growth remains weak, including due to recent climate shocks, leaving limited room for maneuver. These adverse developments pose additional downside risks to growth and upside risks to inflation.
“The IMF team held initial discussions on the policies needed to restore macroeconomic stability and debt sustainability. The discussions focused on 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, and fostering private sector-led growth.
“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, and other senior government and central bank officials, the private sector, and development partners.
“The team thanks the Mozambican authorities for their frank and constructive engagement and support during the mission.”
