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Publish Date : 09-Dec-2014

The World bank’s lending section, the International Development Agency (IDA), has sanctioned a US$110-million loan for Mozambique to assist the government’s poverty lessening plan. A World Bank statement said the IDA funding was provided under the credit programme to support poverty reduction, tenth grade (PRSC X) that supports the agenda of programmatic reforms the government agreed with the World Bank, under the general budget support. Mark Lundell, World Bank country director for Mozambique, Madagascar, Mauritius and Seychelles said, “The reforms supported by this operation will contribute precisely to more inclusive growth, addressing the weak relationship between growth and poverty reduction”.

Lundell added, “This transaction represents our commitment to the country’s development priorities and its poverty reduction agenda. Successive the PRSC series facilitated improvements in the capacity of the public sector, increased efficiency of public finance management, and improvements in the environment business at the country level”. Mozambique has experienced economic growth of 7.4 percent on average more than the past two decades. On the other hand, this rapid growth has not been accompanied by a decrease of poverty in the same proportion.

The PRSC series is an important component of the World Bank’s Country Partnership Strategy CPS with Mozambique and supports the objectives of the institution eradication of extreme poverty and promoting shared prosperity. CPS, the World Bank under this strategy is dedicated to support its support to the national budget process and provides for consecutive PRSCs as an important element in supporting poverty lessening agenda of the Mozambican government.

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