Washington: The World Bank Board of Directors approved on Wednesday a US$300 million grant in support of the Mozambique Institutions and Economic Transformation Development Policy Financing (DPF) operation.
This is the first in a series of three programmatic operations and supports a robust set of reforms aimed at strengthening institutions and laying the foundations for a sustained growth and economic transformation.
"This operation supports the country’s recovery from COVID-19 and structural reforms to foster sustained growth, while providing much-needed financing to alleviate recent fiscal constraints," noted Idah Z. Pswarayi-Riddihough, World Bank Country Director for Mozambique, Madagascar, Comoros, Mauritius, and Seychelles, in a press release on Wednesday.
"This operation couldn’t come at a better moment as Mozambique’s economy is still reeling from the compounded effects of COVID-19, the protracted slowdown triggered by the hidden debt crisis, and the devastation caused by the tropical cyclones of 2019," the World Bank official stated.
The operation supports the authorities in their reform efforts to promote sustainable and inclusive economic growth.
This operation is in line with the overall WBG Country Partnership Framework with Mozambique and is closely in sync with the government of Mozambique’s five-year development plan and National Development Strategy (2022-2032).
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