JOHANNESBURG: The International Monetary Fund’s executive board has completed the third review of Mozambique’s three-year loan program, allowing for an immediate disbursement to Maputo of about $60.7 million, the fund said.

The review brings total disbursements under the $456 million Extended Credit Facility program approved in 2022 to about $273 million, the IMF said late on Monday.

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“Program performance has been satisfactory,” it said in a statement, adding that inflationary pressures had declined sharply and the economic recovery is accelerating.

The three-year arrangement is expected to support economic recovery and policies to reduce public debt and financing vulnerabilities, while creating space for public investments in human capital, climate adaptation and infrastructure.