IMF Staff Country Reports

Republic of Mozambique: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility

Publication Date:

May 25, 2005

Electronic Access:

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Summary:

This paper examines Mozambique’s First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Mozambique’s performance in 2004 relative to the main macroeconomic objectives of the PRGF-supported program was satisfactory. The fiscal performance through September 2004 was adversely affected by a significant revenue shortfall. The program for 2005 envisages slower growth of 7.3 percent and a further decline in inflation to 8.5 percent by year-end. The program includes additional measures to improve liquidity sterilization, including through the introduction of foreign exchange auctions by end-February 2005.

Series:

Country Report No. 2005/168

Subject:

Banking Exports External debt Fiscal stance Foreign exchange Imports International trade Public debt