IMF sending team to Mozambique to assess struggling economy

IMF Managing Director Christine Lagarde. (Photo: AFP)

Washington: The International Monetary Fund (IMF) is sending a team to Mozambique at the end of September for an update on the southern African nation's struggling economy, including its progress in accounting for over $2 billion in irregular state loans.

The IMF team will be in Maputo for a week from Sept. 22 to review efforts to stabilise the economy that include cutting spending in the 2016 budget and tightening monetary policy, spokesman Gerry Rice told a news conference in Washington.