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Mozambique to recover economically despite cyclone – IMF

27th March 2019 BY: African News Agency

Despite the likely adverse macroeconomic effects of Cyclone Idai, Mozambique expects a recovery in economic activity over the medium-term, boosted by gas production, the International Monetary Fund (IMF) has said.

Estimates show that more than 700 people have been killed and hundreds are missing after the cyclone wreaked havoc in Mozambique, Zimbabwe and Malawi. The United Nations says it has affected almost three-million people, of whom nearly 500 000 have been driven from their homes.

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In a statement issued after a visit by a staff team, the IMF said while it was still early to precisely assess the impact of the cyclone and reconstruction costs, these would be very significant. 

"The international community will have to continue playing a vital role in assisting Mozambique," it said. "In this context, the IMF will consider the authorities’ request for emergency financial assistance under the IMF Rapid Credit Facility."

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It said there would be more significant expansion in economic expansion for the southern African country with the start of liquefied natural gas production expected in 2023. 

EDITED BY: African News Agency
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