Mozambique secures $450m funding from World Bank

Mozambique’s salvation will come at a price

Good afternoon. President Daniel Chapo is trying to secure external support at a moment of acute economic pressure.This week, his government signed financing agreements with the World Bank worth about $455m, and is also asking the same institution for direct budget support. IMF talks in Maputo are said by several sources to be going well, with some form of agreement possible soon. Chapo has built a useful relationship with World Bank president A…

Mozambique secures $450m funding from World Bank

The Mozambican government has signed five financing agreements with the World Bank worth a total of $450-million to enhance social protection, economic resilience and sustainable development. The agreements, signed on Tuesday through the Ministry of Finance in Maputo, will support programmes in social protection and economic resilience, job skills and economic transformation, emergency response for a sustainable rural economy, and water safety f…