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

International Monetary Fund

doi:10.5089/9781451827217.002

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

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Journal Issue

Volume/Issue:: 2005/168
Series:: IMF Staff Country Reports
Author(s):: International Monetary Fund
Publisher:: INTERNATIONAL MONETARY FUND
Published Date:: May 2005
DOI:: http://dx.doi.org/10.5089/9781451827217.002
ISBN:: 9781451827217
ISSN:: 1934-7685
Page:: 78

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.

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Republic of Mozambique: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility--Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Mozambique