Photo : IMF
NIAS Area Studies
AFRICA MONITOR
Photo : IMF
IN BRIEF
By Vetriselvi Baskaran and Narmatha
Mozambique: IMF's successful completion of the third review for loan program
On 9 January, Africanews reported that Mozambique's USD 456 million International Monetary Fund (IMF)-backed economic recovery program, Extended Credit Facility, received a boost with the successful completion of its third review. This allows for an immediate disbursement of USD 60.7 million to Maputo, bringing the total released funds to USD 273 million. The IMF commended the program's progress pointing to reduced inflation and a faster economic rebound. The USD 456 million package aims to support Mozambique's economic recovery, lower public debt and improve its financial stability. It also prioritises crucial public investments in human capital, climate adaptation and infrastructure. ("IMF approves disbursement of $60.7 million to Mozambique," Africanews, 8 January 2024)
Somaliland: Chiefs meet amid regional tensions
On 9 November, BBC reported that Ethiopian Field Marshal Birhanu Jula and Somaliland's Maj Gen Nuh Ismael Tani met in Addis Ababa for a discussion on military cooperation. Tensions have been increasing after Ethiopia signed a deal with Somaliland to lease a part of Somaliland’s port access for commercial and military purposes. Somalia strongly condemned this as an act of “aggression” as Somaliland is considered to be an integral part of Somalia. (“Ethiopia-Somaliland army chiefs meet amid regional tensions,” BBC, 9 January, 2024)