IMF willing to augment credit to Mozambique

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Page 85

On March 3, the IMF Executive Board said it would consider augmenting Mozambique’s access to the Poverty Reduction and Growth Facility (PRGF), given the economic impact of the recent devastating floods. The text of News Brief No. 00/12, which follows, is also available on the IMF’s website (www.imf.org).

The IMF Executive Board noted that Mozambique had been hit over the past three weeks by its worst natural disaster on record. Directors expressed sympathy to Mozambique and its people for the heavy losses suffered in severe flooding.

Directors were willing to augment Mozambique’s access to resources under the PRGF (see IMF Survey, July 5, 1999, page 221), given current conditions in the nation. Based on estimates of the economic impact of the floods and of the donor response so far to it, the forthcoming staff report for the PRGF review could include a...