IMF emergency loan for reconstruction Mozambique after cyclone Idai

The International Monetary Fund (IMF) has granted Mozambique an emergency loan of around 118 million dollars (approximately 104.93 million euros) for the reconstruction after the devastating cyclone Idai.

“Mozambique suffered a significant loss of life and considerable damage to physical infrastructure and productive capacity as a result of the recent tropical cyclone Idai,” said Tao Zhang, vice president and acting chairman of IMF, yesterday when the loan was announced. “The cost of emergency relief and reconstruction is estimated to be huge, making this storm the worst and most expensive natural disaster the country has ever struck.”

The money will help the country in southeast Africa to meet its immediate financial needs, he said. In the future, it is important that Mozambique is better prepared for natural disasters and climate change.

The cyclone struck Mozambique in mid-March, leaving a trail of destruction behind. Floods destroyed the fields of around half a million farmers. Around 250,000 homes were at least partially damaged, and around 600 people were killed.