Mozambique pays debt to IMF in full – AIM report

The Mozambican government fully paid, last March, its outstanding debt of 515.04 million Special Drawing Rights (equivalent to 630.1 million US dollars) to the International Monetary Fund (IMF). According to “Total IMF Credit Outstanding Movement (from 1 March 2026 to 31 March 2026)”, Mozambique’s outstanding debt stood at 515.04 SDRs at the start of this period but fell to zero by the end of March. Mozambique is the only country in this situation among 85 countries listed.

The fact that Mozambique is no longer in arrears to the IMF may help the government’s efforts to obtain further loans from the Fund. In an assessment of February, the IMF did not announce decisions on new support. At that time, the country’s outstanding credit with the IMF had reached 226 per cent of its quota.

Under the last Extended Credit Facility (ECF) programme, the IMF had approved around 468 million dollars for Mozambique in 2022. The programme was suspended in April 2025, after four tranches totalling approximately 343 million dollars had been disbursed. Mozambique was scheduled to repay the IMF 98 million dollars in 2026, 107.5 million in 2027, 129.3 million in 2028, and 136.4 million dollars in 2029.

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This schedule can now be thrown away, since Mozambique opted to pay the debt in advance. President Daniel Chapo said in June 2025 that a new programme was expected to be signed that year, aligned with the Government’s vision. “Later this year, if all goes well, we will sign a new programme that will allow, with the Government’s new vision, us to continue an excellent relationship with the IMF,” he said.

The IMF Deputy Managing Director, Bo Li, seemed to agree, stating on 17 May in Maputo that a new programme was planned. “Our team will work together. In the coming weeks and months we will discuss a new programme, and we are committed to supporting the Mozambican economy to help maintain macroeconomic and financial stability,” he said after meeting with Chapo.

Clearing the arrears may pave the way for a new programme. The Mozambican government has not yet commented on the issue.

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