Africa Outlook

Mozambique claims promising progress in IMF talks

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Filipe Nyusi, Mozambique’s

President, has reported encouragin­g developmen­ts in talks with the Internatio­nal Monetary Fund as the country seeks to regain access to internatio­nal finance.

Nyusi told Reuters at a RussianMoz­ambican Business Forum in Moscow: “We want to establish a good relationsh­ip with our partners from financial institutio­ns so that we can continue to access financial resources, and we are doing this with our partner the IMF, and they understand us.”

The IMF is paying quarterly visits to Mozambique as the two parties look to rebuild trust in the country’s economic system. This follows a debt crisis in

2016 when Mozambique admitted to $1.4 billion of undisclose­d lending.

It is thought to be working with the Bank of Nova Scotia to find a suitable buyer for the asset after it bought Randgold Resources.

Located nearly 700 kilometres north of Abidjan, the Tongon mine is 90 percent owned by Barrick, the Ivorian government and local investors holding the remaining 10 percent share. It is on track to produce around 270,000 ounces of gold this year.

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