Republic of Mozambique: Second Review Under the Policy Support Instrument and Request for Waiver of Nonobservance of Assessment Criteria; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Mozambique
IMF Staff Country Reports, July 8, 2008
Source details
- Canonical URL
- Republic of Mozambique: Second Review Under the Policy Support Instrument and Request for Waiver of Nonobservance of Assessment Criteria; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Mozambique
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Bibliographic details
- Published: July 8, 2008
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451827347.002
Executive summary and program assessment
- Overall performance under the program was satisfactory but encountered unexpected challenges.
- Domestic revenues were stronger than envisaged.
- The end-December 2007 assessment criterion (AC) on net credit to government (NCG) was missed largely because of aid shortfalls for onlending to public enterprises and deficiencies in cash-flow management that are being addressed.
- Monetary policy remained prudent, but the end-year AC on reserve money was missed.
Key findings and technical observations
- Missed assessment criterion: end-December 2007 AC on net credit to government (NCG) — primary reasons cited:
- Aid shortfalls for onlending to public enterprises.
- Deficiencies in cash-flow management, which are being addressed.
- Monetary policy stance: characterized as prudent despite missing the end-year AC on reserve money.
- Fiscal performance: domestic revenue outturn stronger than planned.
Subjects and thematic coverage
- Credit
- Currencies
- Expenditure
- Food prices
- Money
- Prices
- Public debt
- Total expenditures