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Context and policy challenges. Mozambique's macroeconomic performance remainsrobust, with strong growth and low inflation. In spite of the heightened risks from anuncertain global outlook, growth is expected to be broad-based in the medium termand boosted by the natural resource boom and infrastructure investment.Short-term policy framework. The main short-term challenge is to maintain thegrowth momentum while preserving fiscal and debt sustainability. The 2014 fiscal stanceis expansionary, and fiscal consolidation needs to be initiated in the 2015 budget torestore prudent fiscal management. W

The attached Joint Staff Advisory Note (JSAN) of the Annual Progress Report on Implementation of the Poverty Reduction Strategy Paper for the Republic of Mozambique, prepared jointly by the staffs of the World Bank and IMF, was distributed with the member country's Annual Progress Report on Implementation of the Poverty Reduction Strategy Pa per (PRSP) to the Executive Boards of the two institutions. The objective of the JSAN is to provide focused, frank, and constructive feedback to the country on progress in implementing its P overty Reduction Strategy (PRS)

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

KEY ISSUESContext and outlook. Mozambique's macroeconomic outlook remains favorable andthe PSI-supported program is broadly on track?all end-2013 assessment criteria were met and the structural reform program is on track. Economic growth is robust and inflation remains low. In spite of risks from the uncertain global outlook, growth is expected to be sustained in the medium term by the natural resource boom and infrastructure investment. Risks associated with the political/security environment moderated in early 2014, with general elections scheduled for mid-October.Short-term policy framework

Mozambique's economy is at a turning point, and efforts to address governance and corruption vulnerabilities can have a lasting positive impact. The current levels of public debt have caused us to take a hard look at our governance and anti-corruption framework and have prompted various reforms to address the vulnerabilities exposed in this framework. In general, the problems in our society, and specifically corruption, have been examined in detail recently and are clearly macro-critical. 2 One study estimated the costs of corruption to Mozambique during the period 2002 to 2014 at up to USD 4.9 billion (approximately 30 percent of the 2014 GDP).3 The impact of these costs is widespread, affecting taxpayers, public service providers, the financial and private sector, as well as Mozambique's international reputation. 4 These costs are especially harmful at a time when our country has been hit by a series of shocks, notably the fall in commodity prices, drought, the withdrawal of donor budget support, and, more recently, Tropical Cyclones Idai and Kenneth. At the same time, Mozambique stands poised to reap significant revenues from natural resource reserves, and our duty as the government is to ensure the responsible stewardship of those funds for both current and future generations. By taking meaningful steps now to implement the governance and anti-corruption framework in an evenhanded, consistent, and effective manner, and to support efforts toward transparency and individual and institutional accountability, as the government, we can aim to achieve enduring results.

Cover -- CONTENTS -- BACKGROUND -- RECENT ECONOMIC DEVELOPMENTS -- OUTLOOK, AND RISKS: CHALLENGES AHEAD -- POLICY DISCUSSIONS: MAINTAINING MACROECONOMIC STABILITY -- A. Fiscal Policy: Strengthening the Fiscal Position -- B. Monetary Policy and Foreign Exchange Management: Measured Normalization and Stability -- C. Strengthening Resilience and Containing Financial Sector Risks -- D. Debt Policy: Achieving Sustainability -- E. Structural Policies: Strengthening Governance and Promoting Inclusive Growth -- F. Data and AML/CFT Issues -- STAFF APPRAISAL -- BOXES -- 1. Adjustment Scenario -- 2. Social Protection -- 3. Monetary and Financial Sector Regulatory Measures -- 4. Nonperforming Loan Sensitivity Analysis -- FIGURES -- 1. Impact of Global Developments -- 2. Inflation, Monetary and Financial Developments -- 3. Selected External Sector Developments -- 4. Fiscal Developments -- TABLES -- 1. Selected Economic and Financial Indicators, 2016-23 -- 2. Government Finances, 2016-23 (billions of Meticais) -- 3. Government Finances, 2016-23 (Percent of GDP) -- 4. Monetary Survey, 2016-19 -- 5a. Balance of Payments, 2016-23 (Millions of U.S. dollars, unless otherwise indicated) -- 5b. Balance of Payments, 2016-23 (Percent of GDP) -- 6. Financial Soundness Indicators for Banking Sector, 2013-17 -- 7. Risk Assessment Matrix -- ANNEXES -- I. Implementation of Past IMF Recommendations -- II. External Sector Assessment -- III. IMF-WB Joint Recommendations on Authorities' Action Plan -- CONTENTS -- FUND RELATIONS -- JOINT WORLD BANK-IMF WORK PROGRAM, 2016-17 -- STATISTICAL ISSUES.

In June 1948 the International Monetary Fund reported that its activities during the preceding nine months had been focused on offering temporary financial assistance to its members for monetary stabilization operations and on consultation on exchange problems. The Fund had prepared several special studies for member nations and had sent missions of technical advice and expert assistance to a number of countries.

In its monthly summary of transactions, the International Monetary Fund announced in April 1949, that it had sold U.S. $7,500,000 to India for rupees during March. There were no other currency exchanges that month. In April, Brazil and Egypt made their first currency purchase from the Fund: Brazil exchanged cruzeiros for $15 million and Egypt $3 million for Egyptian pounds. This brought the total of currency transactions made by member countries of the Fund to $725,483,380.91 since the beginning of operations in March 1947. On May 24, the Fund announced the establishment of the initial par value for the Yugoslav dinar at 50 dinars per United States dollar, the rate proposed by the government of Yugoslavia. On May 3, the Articles of Agreement of the International Monetary Fund and the International Bank for Reconstruction and Development were signed by the Siamese ambassador to the United States on behalf of Siam. This brought to a total of 48 the number of countries that were members of the two organizations. The Fund announced on May 27, the conclusion of consultations with the government of Ecuador on Ecuador's exchange system, and on related matters of credit and monetary policies. As a result of previous consultations with the Fund, Ecuador in June 1947 had introduced certain modifications in her then existing exchange control laws and regulations which were contained in the Emergency Law for International Transfers. As a result of discussions concluded in May the Emergency Law was to be continued for one year more on the understanding that in the meantime consultations between Ecuador and the Fund would take place regarding modifications in the present exchange system.

The eleventh annual meeting of the Board of Governors of the International Monetary Fund was held in Washington, D. C, from September 24 through 28, 1956, under the chairmanship of Antonio Carillo Flores (Mexico). Of the six plenary sessions, two were held jointly with the International Bank for Reconstruction and Development. In addition, an informal session on recent developments in monetary analysis was held.

The fourth annual meeting of the Board of Governors of the International Monetary Fund was held in Washington from September 13 to 16, 1949 with Pierre Mendes-France, chairman of the Board of Governors of the Fund, presiding. The first, third and fifth sessions were joint meetings with the International Bank for Reconstruction and Development.

Established on December 27, 1945, when the Bretton Woods agreements were signed in Washington, the International Monetary Fund has been primarily concerned with organizational and policy problems during its first year of existence. Not until September was the Fund ready to begin the actual work of establishing stable relationships between currencies and facilitating international trade.

The government of Egypt paid $8,507,929.67 in gold and United States dollars to the International Monetary Fund on July 10,1950 in exchange for the equivalent amount in Egyptian pounds. Of the amount paid by Egypt to the Fund $829,766.03 was in gold and $7,678,163.64 in United States dollars. This payment, which became due in consequence of recent increases in Egypt's monetary reserves, fulfilled that country's obligation to use part of the increase to repurchase the Fund's holdings of Egyptian pounds in excess of 75 percent of Egypt's quota.

On January 3, 1952, the International Monetary Fund1 announced that Burmahad signed the Articles of Agreement, becoming the fifty-first member of the Fund. Burma's quota in the Fund was designated at $15,000,000.Par Values: The Fund announced on January 17 the establishment of the initial par value for the Ceylon rupee at 4.76190 rupees per United States dollar.