Mozambique and IMF Agree New Loan As Ban Ends

The International Monetary Fund and Mozambique have reached agreement on a loan of nearly $500m, £390m, the first since the IMF suspended support six years ago.

The IMF said “it expected final approval to be made in the coming weeks.”

International donors had cut off aid to Mozambique following a $2bn corruption scandal in 2016.

‘Senior officials are currently on trial’ for taking out huge loans without informing parliament or donors.

The suspension of international aid led to a currency collapse and debt crisis in Mozambique, which is one of the world’s poorest countries.

BBC/Christopher Ojilere

Mozambique and IMF Agree New Loan As Ban Ends