IMF acknowledges Mozambiqueâs strong economic performance, urges greater transparency, caution with expansionary budget
17 March 2014, 12:00 pm
Washington: A staff team from the International Monetary Fund, led by Doris Ross, visited Mozambique during February 26- March 13, 2014 to hold discussions towards the completion of the second review under the three-year Policy Support Instrument (PSI) approved in June 2013 (see Public Information Notice (PIN) 13/75). The team met with Prime Minister Vaquina, Finance Minister Chang, Planning and Development Minister Cuereneia, Bank of Mozambique Governor Gove, other line ministers, senior government officials, parliamentarians, the private sector, civil society, and development partners. At the conclusion of the visit, Ms. Ross issued the following statement:
Nacala integrated logistics corridor launched
17 March 2014, 12:00 pm
Maputo: The first trainloads of coal along a railway from the Moatize coal basin through Malawi should reach the new port of Nacala-a-Velha in northern Mozambique in September. The government has signed a concession on the new port and on coal traffic along the railway with the Integrated Nacala Logistics Corridor (CLN), a consortium that is 80 per cent owned by the Brazilian mining giant Vale, and 20 per cent by Mozambique's publicly owned port and rail company, CFM. At a Maputo ceremony launching CLN, consortium officials said the entire project is costing 4.4 billion US dollars. The coal terminal at Nacala-a-Velha, built on the opposite side of Nacala Bay from the existing port of Nacala, will be able to export 18 million tones of coal a year.
Extractive sector brings Mozambique tax revenues of $100m in 2011
16 March 2014, 12:00 pm
Maputo: In 2011 Mozambique earned nearly US$100 million in tax revenues from the extractive sector, indicates a report by the Extractive Industries Transparency Initiative â Mozambique (ITIE-M) released in Maputo by the Mineral Resources Ministry. The document is the fourth produced by ITIE-M and shows that taxes collected from the extractive sector operating in Mozambique increased by 59 percent in 2011 compared to the previous year. Companies operating in the hydrocarbons area accounted for 69 percent of those taxes.
Brazilian innovation for under-financed Mozambican agriculture
12 March 2014, 12:00 pm
Maputo: Some of the technological excellence that revolutionised Brazilâs tropical agriculture is reaching small producers in Mozambique. But it is not enough to compensate for the underfinancing of the sector. Last year, Erasmo LaldÃ¡s, a 37-year-old farmer who has worked for 15 years in Namaacha, a village 75 kilometres from Mozambiqueâs capital Maputo, planted 15,000 seedlings of Festival, a new strawberry variety originated in the United States. LaldÃ¡s produced seven tonnes of strawberries, employing eight workers. He sold all his produce in Maputo, and in January was the lead vendor in that market, because there was already a shortage of the fruit in South Africa, his main competitor.
Tripartite âgrowth poleâ diagnostic reports: potentials and prospects for minerals-based industrialisation
12 March 2014, 12:00 pm
Pretoria: Since its establishment in 2009, Trade Mark Southern Africa (TMSA) has supported the Tripartite of the Common Market of Eastern and Southern Africa, the Southern African Development Community and the East African Community, in developing and implementing its regional integration agenda. This involves supporting the design and planned implementation of the Tripartite Free Trade Area, improving the economic competitiveness of the region and reducing costs of cross-border transactions through a transport corridor approach addressing both trade facilitation issues and infrastructure constraints. Focused industrial development is essential in the COMESA-EAC-SADC Tripartite region to fundamentally change the economy and to promote high yield sectors. Such development brings not only an improvement in the GDP and job provision, but promotes knowledge accumulation and technological sophistication that have far reaching benefits for the economy. This research was conducted under the topic âTripartite âGrowth Poleâ Diagnostic Reports: Analysis of Potentials and Prospects for Minerals-Based Industrialisation.â
Mozambique to sell five state companies to private investors
11 March 2014, 12:00 pm
Maputo: Five of 117 state companies under the umbrella of Mozambiqueâs state stake-holding company Instituto de GestÃ£o das ParticipaÃ§Ãµes do Estado de MoÃ§ambique will âsoonâ be sold to private investors, Mozambican newspaper Correio da ManhÃ£ reported. The newspaper said that the information was provided by a government source who declined to name the companies that would be privatised. The source also said that the board of Instituto de GestÃ£o das ParticipaÃ§Ãµes do Estado planned to reduce the number of companies it is responsible for by 50 percent by sending some of them into liquidation and selling others.
Private sector cross-border financial flows and stocks in selected African countries
11 March 2014, 12:00 pm
Washington: Private cross-border financial flows and stocks have grown to account for an increasingly significant part of overall transactions and positions in many African countries. Direct reporting through enterprise surveys has become a key data source to enable these flows and stocks to be measured accurately. This paper describes a multi-year IMF technical assistance project to establish direct reporting in six African countries (The Gambia, Ghana, Kenya, Mauritius, Mozambique, and Nigeria). Annual enterprise surveys are now established in all six countries with secured internal funding, and the survey results have been incorporated to varying degrees into the balance of payments and International Investment Position statistics.
Mozambican public debt is sustainable, says finance minister
10 March 2014, 12:00 pm
Maputo: Mozambique's total public debt, as of 31 December, stood at about 6.8 billion US dollars, Finance Minister Manuel Chang told the Mozambican parliament, the Assembly of the Republic, on Thursday. Answering a question from the opposition Mozambique Democratic Movement (MDM), he said that, of this amount, 5.8 billion dollars was foreign debt, and 994 million dollars was domestic debt (accumulated mainly through the sale of treasury bonds). Chang said that the current levels of foreign public debt are sustainable, falling well within the tolerable limits for all debt sustainability ratios.
Southern Africa Quarterly Review and Analysis: 3rd Quarter 2013
6 March 2014, 12:00 pm
Tunis: Economic activity in Southern Africa was vibrant during the 3rd quarter as the region remained on course to attain a projected annual average growth rate of 4.4 percent. In Angola strong growth in the non-oil sector continued to boost overall economic activity. Also, planned new gas and oil fields coming on stream are envisaged to drive higher growth. Botswanaâs economic recovery continued with increasing activity in all sectors. The economy in Lesotho continued to show resilience, largely supported by an improved performance in diamond mining. Malawi is benefitting from improved investor confidence, which is enhancing the availability of foreign exchange to the economy. Also, Malawiâs tobacco marketing session for the third quarter showed higher sales that further the increased availability of foreign exchange. Growth picked up in Mozambique as the adverse effects of the large floods from the beginning of 2013 continued to subside. Economic growth rebounded in South Africa â albeit significantly below the estimated potential â at the back of expansion in manufacturing activities,. In Swaziland growth continued to improve gradually, largely driven by recovery in manufacturing and construction activities.
South Africa, China and Portugal lead in new investments in Mozambique in 2013
4 March 2014, 12:00 pm
Maputo: South Africa, China and Portugal were the countries who companies made the most new investments in Mozambique in 2013, according to figures from the countryâs Investment Promotion Centre (CPI), which approved 418 foreign investment projects worth US$1.363 million. The list of new projects approved by the Mozambican state organisation includes 41 countries, headed by South Africa (US$364 million), followed by China (US$299 million) and Portugal (US$171 million). Switzerland (US$148 million), Germany (US$140 million), the United Arab Emirates (US$53 million), Uganda (US$37 million), Mauritius (US$29 million), Italy (US$27 million) and the United Kingdom (US$25 million) complete the top ten list of investors in Mozambique.