The Minister of Economy and Finance, Max Tonela showed expectation with the resumption of direct support to the State Budget by the African Development Bank (ADB) in 2023 given the commitment of both parties with the deepening of cooperation.

At the level of the Mozambican executive, there are "the expectations of having the ADB return to finance the State Budget, starting in 2023," after the suspension of this aid modality following the discovery of the hidden debts in 2016, Max Tonela told the media after a meeting with the ADB Vice President for Economic Governance and Knowledge Management, Kevin Urama.

Without giving dates, the governor pointed out that the World Bank (WB) will also resume direct support to the State Budget.

"We are guaranteed the mobilization of resources for support to the State Budget by the World Bank," he emphasized.

The Minister of Economy and Finance pointed out that promises to resume direct financial assistance to the country's public accounts are a reflection of the International Monetary Fund's (IMF) recent indication that it will resume financial assistance to the country, suspended following the discovery of hidden debts in 2016.

"The agreement with the IMF is a beacon. We assume that, after the agreement, we will have better conditions to mobilize resources in view of the country's improved credibility in international financial markets," emphasized Max Tonela.

The minister described the ADB as "a natural partner for Mozambique", saying that the two parties will soon conclude a new cooperation program, whose amounts have yet to be agreed.

The new cooperation program, he continued, will focus on developing economic infrastructure with the potential to accelerate the country's economic transformation, strengthening resilience to climate change, and promoting private sector development and employment, especially for young people, Max Tonela added.

The ADB's Vice President for Economic Governance and Knowledge Management says that Mozambique has introduced significant reforms in the management of public funds.

"We note with great pleasure that Mozambique has made progress in strengthening the management of macroeconomic policies and public finances in all aspects in recent years," Kevin Urama noted.

It should be noted that a high-level ADB delegation, headed by the Vice President himself, is in Mozambique to support the improvement of public finance management systems and resource mobilization for the implementation of the country's development projects.

In Mozambique, the ADB has an investment portfolio valued at 1 billion dollars. The amount is being applied in 21 projects linked to the energy, road construction, and agriculture sectors.