Maputo, Oct. 2, 2026 (Lusa) - Mozambique's government recognises that the foreign currency shortage and the end of USAID's operations affected economic performance in the first half of the year, particularly revenue collection.
According to a budget implementation report for the first half of the year, drawn up by the Ministry of Finance and seen by Lusa on Friday, state revenue collection reached 183.3 billion meticais (€2.431 billion), 95.03% of the half-year forecast.
Despite 6.68% year-on-year nominal growth, the government acknowledged that performance remained below expectations because of internal and external constraints, including difficulties accessing foreign currency.
«This performance was affected by the failure to make payments for offshore services provided by non-resident entities, due to a shortage of foreign currency,» the report said.
It added that foreign exchange restrictions also affected the collection of taxes associated with dividends paid abroad and that the «suspension of dividend payments relating to 2025 profits to non-resident entities, due to restrictions imposed by the Bank of Mozambique as part of its monetary policy», also led to a reduction in withholding tax.
The report highlighted improvement opportunities in the «poor channelling of own, earmarked and capital revenues by the State institutions and bodies that generate them», a situation that resulted in actual expenditure falling short of the forecasts set for the period.
It also identified the «closure of US-funded projects», notably by the United States Agency for International Development (USAID), «with a direct impact on employees' income tax [IRPS]».
This official acknowledgement of a foreign exchange shortage, however, is contradicted by the central bank governor, Felisberto Navalha, who on Wednesday denied a widespread foreign exchange shortage.
Up to August, he said, the banking system «managed to purchase significant volumes» of foreign exchange on the market from exporters and other economic agents, totalling $5.73 billion (€4.928 billion), up $724 million (€623 million) from the same period last year.
«The foreign exchange market continues to record a high volume of foreign currency purchases and sales, underpinned by the implementation of liquefied natural gas projects in the Rovuma basin and by the performance of the extractive industry against a backdrop of exchange rate stability,» he noted.
During the same period, banks' foreign exchange sales to customers rose by $593 million (€510 million), to a total of $5.65 billion (€4.86 billion).
In the governor's view, these figures show that any analysis of alleged foreign exchange deficits must be carried out «with caution», adding that the central bank recently met with banking institutions to identify potential bottlenecks in the foreign exchange system.
He acknowledged, however, that there may be isolated instances of foreign currency shortages at certain financial institutions, but emphasised that the market as a whole continues to function effectively.
«It may be at one institution and not in the market as a whole,» he reiterated.
Various business sectors have been highlighting the growing need for greater foreign-currency access for imports, international payments, and transfers abroad.
The president of the Confederation of Economic Associations of Mozambique (CTA), the main organisation representing the Mozambican private sector, Álvaro Massingue, previously described the situation as an «economic emergency».
«The shortage of foreign currency is now an economic emergency. With adequate foreign currency, companies can import raw materials, fulfil contracts and grow,» he said.
PVJ/ADB // ADB.
Lusa
