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Aid dependence set to continue

    JOHANNESBURG

    Mozambique will remain heavily dependent on foreign aid for the “foreseeable future” despite the “impressive” economic performance during the 1990s, the Economist Intelligence Unit (EIU) said on Tuesday. Quoting a recent report from the IMF the EIU said Mozambique would need an estimated US $5.4 billion in external funding over the next five years.

    “Aid dependence is highlighted by the fact that grants and debt relief make up 70 percent of the finance needed to close the balance-of-payments gap, while concessional loans account for a further 18 percent, leaving a private-sector contribution of only 12 percent,” the EIU noted.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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