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IMF clears over $100m assistance to cyclone-hit Mozambique

The International Monetary Fund (IMF) Saturday approved emergency financial assistance to Mozambique under the Rapid Credit facility (RCF) to deal with the aftermath of Cyclone Idai which hit the country last month.The decision by the IMF board enables the disbursement of about $118.2 million, or 37.5 percent of its assistance quota to the country.

The IMF said its financial assistance is intended to address large budgetary and external financing gaps arising from reconstruction needs after Cyclone Idai, which caused significant loss of life and infrastructure damage. 

The authorities remain committed to macroeconomic stability, which will also be underpinned by the IMF’s financing, the Fnd said in a statement. 

Key fiscal measures include reallocating lower priority spending to emergency assistance to the poorest and for reconstruction.



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