Mozambique's central bank left its benchmark standing lending facility rate unchanged at 12.75 percent but noted "with concern" the decision of donors and other agencies to suspend aid to the country during a difficult time, a move that would likely lead to a review of growth and inflation projections and stronger coordination of fiscal and monetary policies to restore economic stability.
The Mozambican and Chinese governments signed an agreement in Maputo on 4 May under which China is to grant US$16 million for the purchase of 80 buses and the opening of 200 boreholes for drinking water.
Fitch Ratings has downgraded Mozambique's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'CCC' from 'B'. Fitch has also downgraded the Country Ceiling to 'B-' from 'B' and the Short-term IDR to 'C' from 'B'.
The World Bank is putting a hold on new development support for Mozambique after the government was shown to have hidden off-budget some $1.4 billion in debt.
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