Mozambique President Says ‘Encouraging Progress' In IMF Talks

Mozambique’s talks with the International Monetary Fund (IMF) are making “encouraging progress,” as the country seeks to restore access to international financing, President Filipe Nyusi said on Wednesday, Reuters reported. Mozambique has been battling to recover from a debt crisis after admitting in 2016 to $1.4 billion (£1.15 billion) of previously undisclosed lending, prompting the IMF to cut off support and triggering a currency collapse and debt default. Speaking to Reuters on the sidelines of the Russian-Mozambican Business Forum in Moscow on Wednesday, Nyusi said Mozambique was in touch with the IMF on restoring suspended support to the southern African state. Read more