IMF: LNG projects among key drivers of Mozambique’s economic growth

IMF: LNG projects among key drivers of Mozambique's economic growth

The Executive Board of the International Monetary Fund has completed the third review of Mozambique’s economic performance under the program supported by the Policy Support Instrument.

Economic growth is forecast at 7.5% for 2014 and IMF sees main short-term challenge being maintaining the growth momentum while preserving fiscal and debt sustainability.

Key structural reform priorities include improving VAT and overall tax administration, continuing public financial management reforms, strengthening institutional capacity to ensure transparent public investment management and borrowing, and enhancing the business environment and financial sector development.

Completion of the contract negotiations for the production of liquefied natural gas is a critical milestone for the launch of the project, one of the largest in sub-Saharan Africa, IMF said in a statement.

Mozambique’s LNG projects have been attracting a lot of interest from Asian buyers as several deals have been preliminarily reached.

Anadarko, which is developing an LNG project in Mozambique, has, according to reports, agreed five deals with Asian buyers. The project will add $67 billion to government revenue over its 30-year life, according to Standard Bank.

Eni of Italy is in the process of developing an FLNG project in the deep waters of the Rovuma Basin.

LNG World News Staff; Image: Anadarko

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