Chapo takes Mozambique's new economic vision to Washington: IMF promises support and sends mission in November

President Daniel Chapo held his first meeting with the International Monetary Fund (IMF) in Washington DC on Monday since taking office. The visit marks the beginning of a new phase in the relationship between Mozambique and the financial institution, with the government requesting support for a program aligned with its vision of sustainable growth, economic diversification, and good governance. The IMF has committed to sending a mission to Maputo in November.

The President of the Republic, Daniel Chapo, visited the headquarters of the International Monetary Fund (IMF) in Washington DC this Monday, in his first meeting with the institution since assuming the leadership of the Mozambican state. The meeting, with the IMF's Deputy Managing Director, Bo Li, opened a new chapter in relations between Mozambique and the Fund, at a time when the country seeks to consolidate macroeconomic stability, regain international confidence and accelerate inclusive growth.

The meeting took place in an atmosphere of genuine cordiality and mutual understanding, against the backdrop of ongoing economic reforms, the new financial support program, and a shared commitment to sustainability and social development.

Chapo took the opportunity to thank the IMF for its support to the country over the past few years, stressing that the partnership has been essential in stabilizing the national economy and boosting recovery after several internal and external shocks. The Head of State also highlighted the importance of aligning the new cooperation program with the Mozambican government's vision, based on transparency, good governance, and economic diversification.

“As is public knowledge, in March of this year, 2025, we wrote to the IMF requesting a new program that would be in line with our vision as a Government. We came first to thank the IMF for accepting our request and for recognizing the need for a program tailored to the country's priorities. This was the first step,” stated Daniel Chapo, explaining that the visit also serves as a political and technical reaffirmation of the reforms that the Executive is implementing.

In a calm yet firm speech, the President emphasized that Mozambique is going through a decisive moment, in which structural reforms must consolidate the gains achieved and guarantee fiscal sustainability. “We came to reiterate that we recognize the macroeconomic and financial challenges the country faces and that we need to work together to improve the situation. We talked about public debt, both internal and external, about the need to improve revenue collection, broaden the tax base, and continue to promote good governance, transparency, and the fight against corruption that we are undertaking,” he added, visibly committed to conveying a message of seriousness and commitment.

The Mozambican President assured that the Government is leading a series of reforms aimed at strengthening public management, promoting financial stability, and creating a more favorable environment for private investment. “We came to ask the IMF to continue supporting us in this process, with technical and financial assistance, because the main objective of these reforms is to improve the macroeconomic and financial situation of the country. Our strategic partner has committed to continuing to work with us and will send a mission to Mozambique in November to learn about the new vision and the new program we are developing,” revealed Chapo.

During the meeting, the Head of State shared with the IMF the recent progress of the Mozambican economy, highlighting the country's removal from the grey list of the Financial Action Task Force (FATF) and the relaunch of important energy projects. “It is common knowledge that the country's situation is improving. We have been removed from the grey list, which represents an important step for Mozambique's credibility. Projects related to Rovuma gas are being resumed and, recently, we signed with ENI the final investment decision agreement for the Coral Norte project, worth approximately seven billion dollars. These positive signs reinforce our confidence that we are on the right track to improve the country's economic and financial situation in the coming years,” he said.

With a long-term strategic vision, Chapo argued that Mozambique must reduce its dependence on natural resources and focus on a diversified economy based on productive and sustainable sectors. “We don’t want to concentrate solely on gas. We want to channel the resources from this sector to invest in infrastructure, agriculture, tourism, industry, and energy. Our goal is to diversify the economy and promote sustainable growth that benefits the Mozambican people,” he emphasized.

The President also highlighted that the Government's new economic vision is based on creating job opportunities, strengthening the private sector, and promoting social inclusion. "Economic growth only makes sense if it reaches people, transforms the lives of communities, and translates into improved living conditions. That is what drives us, and that is what we are working towards with our partners," he stated.

For his part, the IMF's Deputy Managing Director, Bo Li, expressed satisfaction with the dialogue held with the Mozambican President and reaffirmed the institution's commitment to continue supporting the country in its ongoing reforms. “Your Excellency, President Chapo, on your first visit to the International Monetary Fund as Head of State, we discussed frankly and productively the challenges and opportunities facing Mozambique and how the IMF can support the authorities in the reform and stabilization program. I want to thank President Chapo for his time and reiterate our full availability to continue working with the Mozambican Government,” he stated.

Daniel Chapo's visit to the IMF comes at a time when the country continues to benefit from the financial assistance program approved by the institution in 2022, worth approximately $456 million, under the Extended Credit Facility. The program aims to support economic recovery, reduce public debt vulnerabilities, and create fiscal space for priority investments in sectors such as education, climate adaptation, and infrastructure.

During the last program review, conducted in July 2024, the IMF Executive Board approved an additional disbursement of approximately $60 million for fiscal support, bringing the total disbursed to over $330 million to date. These funds have been crucial in stabilizing public finances and ensuring the continuity of ongoing social and economic policies.

The Washington meeting is seen by some economic actors as more than just a courtesy visit. It represents a significant political signal demonstrating the commitment of the new Mozambican government to fully restore the confidence of multilateral institutions. The rapprochement with the IMF is viewed as a strategic step to strengthen the country's financial credibility, an essential condition for attracting foreign investment and securing financing on more favorable terms.

Domestically, the meeting also reinforces the Executive's commitment to good governance, transparency, and accountability in the management of public resources. Sources close to the presidential delegation indicate that Chapo has insisted on placing integrity and efficiency as pillars of his economic governance, seeking to demonstrate that Mozambique is ready for a new phase of stability and growth.

At the end of the meeting, both parties agreed to maintain an ongoing dialogue and deepen technical cooperation. The IMF mission scheduled for November is expected to analyze the Mozambican government's new proposals within the framework of the economic diversification program and support the formulation of measures that ensure greater fiscal resilience and inclusive growth.

Daniel Chapo's visit to the International Monetary Fund was, therefore, more than a mere formality: it was a clear demonstration of the Head of State's intention to position Mozambique as a reliable partner, committed to reform and sustainable development.