IMF predicts Gigantic Growth Rate for Mozambique

The International Monetary Fund (IMF) has predicted that Mozambique’s average growth rate during the first half of the next decade could attain the astounding figure of 24 percent per annum.

This confidence is built on the belief that gas processing facilities in the Rovuma Basin, in the far north of the country, will begin production in 2021.

The authors – in a report released – calculated that, by middle of the decade, half of the country’s output will be generated by natural gas.

It is also hinged on the fact that, off the coast of the northern province of Cabo Delgado, huge gas reserves have been found in Rovuma Basin Area 1 and Area 4 totalling an estimated 180 trillion cubic feet of gas. The two operators – US company Anadarko (Area 1) and Italy’s ENI (Area 4) – are presently developing plans to build Liquefied Natural Gas (LNG) plants to market the gas.

The report expects the total investment in these two areas to surpass a hundred billion US dollars and once production reaches its peak, Mozambique could become the world’s third largest LNG exporter after Qatar and Australia.

This post first appeared HERE

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