Maputo, April 15, 2024 (Lusa) - The Mozambican government has identified funding needs of €300 billion to implement the five priority pillars of the National Development Strategy 2025-2044 and achieve the goal of almost 10% economic growth. The document, to which Lusa had access on Tuesday and which will be discussed in parliament in the coming weeks, revises upwards the needs identified previously, when the strategy was approved in June 2024, indicating investment needs of €246 billion. "It's a shared commitment to the country's future. By implementing this strategy, Mozambique strengthens its capacity to face the challenges of the present and build a prosperous and sustainable future for all citizens," reads the document, which has already been revised under the current government led by Daniel Chapo, who took office in January as the fifth Mozambican president. The first version of the document was drawn up before the general elections of 9 October 2024, which were followed by several months of social unrest and street protests against the electoral process, which caused around 390 deaths and had a major impact on the Mozambican economy. The current version of the National Development Strategy 2025-2044, which recognises these economic and social impacts of the post-election social unrest, defines the pillars for the next 20 years as Structural Transformation of the Economy, with investments of almost US$114 billion (€100.3 billion), and Social and Demographic Transformation, with US$70.8 billion (€62.3 billion). It also includes the pillars of Infrastructure, Organisation and Territorial Planning, with investments of US$56 billion (€49.3 billion), National Unity, Peace, Security and Governance, with US$52.6 billion (€46.3 billion), and Environmental Sustainability, Climate Change and Circular Economy, with US$48.3 billion (€42.5 billion). "Mozambique's economic growth over the next two decades will be influenced by various factors, including the impact of oil and gas projects, structural reforms in key sectors such as agriculture, industry and services, climatic events and the evolution of global macroeconomic conditions," it recognises. The impact of implementing the strategy is expected to be an average annual Gross Domestic Product (GDP) growth rate of 4.6% in the period up to 2028, reaching 7.1% in the period up to the end of 2034, rising to 8.7% by 2039 and to 9.9% by 2044. "Mozambique's economic growth projections for the next 20 years (...) highlight the need for continued investment in infrastructure, industrialisation and the modernisation of productive sectors. While the base scenario predicts more moderate and gradual growth, the National Development Strategy 2025-2044 scenario indicates that a series of strategic reforms and the diversification of the economy can generate a substantial acceleration in economic growth," it reads. It adds that "the implementation of effective public policies and the strengthening of the industrial base will be fundamental to guaranteeing the sustainability of growth in the long term". Regarding the unemployment rate, the document sets the goal of moving from the current average of 18.4% to 10.5% by 2044, with a greater impact on youth unemployment, which it aims to reduce from the current 33.4% to 18.6%. The National Development Strategy 2025-2044 will be funded until 2044 by a ‘combination’ of the state budget, specific development funds and tax incentives and subsidies. PVJ/AYLS // AYLS Lusa