Mozambique: - European Union to Support Mozambican State Budget

28 July 2023
Agencia de Informacao de Mocambique (Maputo)

Maputo — The European Union will disburse 430 million Euros (about 472 million dollars at the current exchange rate) to support the Mozambican State Budget in 2024.

This sum was guaranteed by José Fernandes, a member of the European Parliament (MEP), after meeting in Maputo on Thursday with the Mozambican Minister of Economy and Finance, Max Tonela.

"Even with this support, we think that there are still a lot of mechanisms that can be used to help the development of Mozambique. It can be through the European Fund for Development, which provides loans made available by European Union funds', said Fernandes.

According to Fernandes, the Mozambican economy has been recovering positively through updates and improvement of the financial system.

"We notice that the Mozambican government is modernizing the economy. We think that the creation of the sovereign wealth fund will allow the country to save the revenues from the export of natural gas and strengthen the economy', the MEP said.

Fernandes also mentioned that the European Union intends to continuously support Mozambique to face humanitarian crises caused by natural disasters, in addition to disbursing 90 million Euros to strengthen peace through its military force in the northern province of Cabo Delgado, which has been plagued by Islamist terrorism since 2017.

"We are available to support Mozambique in the modernization of its financial system', he stressed.

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