After cyclone idai, the IMF could accompany Mozambique

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The head of Mission of the International Monetary Fund (IMF) in Mozambique pointed out that the country could benefit from an emergency loan between 60 and $120 million.

According to Ricardo Velloso, this loan will be granted via a fast credit facility, a mechanism set up by the IMF to cope with emergency situations in the Member countries.

"Despite the probable negative macroeconomic effects of Cyclone idai in 2019, which are still under analysis, a recovery in economic activity is expected in the medium term, with a more significant expansion and the start-up of LNG production in 2023, "said Ricardo Velloso in his end of mission communiqué.

It should be noted that a few days earlier, the United Kingdom announced an aid of 12 million British pounds to help survivors of the disaster to ensure their basic needs.

According to the United Nations, nearly $337 million are needed to help the country cope with the new crisis.

As a reminder, a few weeks ago, Mozambique was swept away by Cyclone idai, which made more than 200 deaths and destroyed nearly 90% of the port city of Beira. This announcement comes after a mission carried out by the IMF authorities this week to assess the country's macroeconomic performance.

Moctar FICOU/VivAfrik

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