Mozambique to get IMF loan

The IMF said on Tuesday it has approved a second annual loan of US $11 million for Mozambique to support the country’s economic programme. “Mozambique has broadly maintained its good record of program implementation, despite the devastating floods at the beginning of 2000, “ said Shigemitsu Sugisaki, deputy managing director of the IMF. The Mozambique “authorities recognize the risks to macroeconomic stability from the rapid monetary expansion during the current year and the consequent pick-up in inflation, and have taken action to reassert monetary control,” he added. However, Sugisaki said, continued “monetary restraint will be required in the period ahead to bring inflation down to single digits.”