Mozambican President Filipe Nyusi on Tuesday urged the new Deputy Governor of the Bank of Mozambique, Victor Pedro Gomes, to make every effort to help stabilize the country’s economy.

Speaking at a ceremony where he swore Gomes into office, Nyusi said we expect from the Bank of Mozambique concrete actions that allow the restoration of macro-economic stability.

He recognized that Gomes is moving into the leadership of the central bank at a very delicate moment in the country’s history.

The scale of the challenges we face is enormous, particularly with regard to macro-economic management. We know that 2017 reserves enormous challenges for us, and so we need total commitment from all of us in all areas, the president noted.

Over the last two years, the President added, we have been confronted with internal and external shocks which put to the test our capacity for resilience and for overcoming barriers.

Courageous measures were needed from the authorities, including the Bank of Mozambique, said Nyusi, to ensure that the country can return to the international markets, and obtain the resources needed to implement the government’s priorities.

The International Monetary Fund (IMF), the World Bank, and most other western partners cut off their financial co-operation with Mozambique, following the discovery that the previous government under President Armando Guebuza had not disclosed the true state of the country’s debt situation. More than 1.1 billion US dollars in government-guaranteed loans to the security related companies Proindicus and MAM (Mozambique Asset Management) had not been disclosed.