JOHANNESBURG, Jan 9 (Reuters) – The International Monetary Fund’s executive board has completed the third review of Mozambique’s three-year loan program, allowing for an immediate disbursement to Maputo of about $60.7 million, the fund said.

The review brings total disbursements under the $456 million Extended Credit Facility program approved in 2022 to about $273 million, the IMF said late on Monday.

“Program performance has been satisfactory,” it said in a statement, adding that inflationary pressures had declined sharply and the economic recovery is accelerating.

The three-year arrangement is expected to support economic recovery and policies to reduce public debt and financing vulnerabilities, while creating space for public investments in human capital, climate adaptation and infrastructure.

(Reporting by Anait Miridzhanian; Editing by Olivia Kumwenda-Mtambo and Kim Coghill)