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Vol 42 No 3

Published 9th February 2001


Not so nutty

Cashew nuts are the biggest export after prawns and sugar is another rare money-spinner. The government wants to protect these industries; the World Bank and International Monetary Fund wanted to open them to world competition. Now the Bank and Fund have broken their own rules, allowing Maputo to tax cashew exports and sugar imports, buying time to modernise those industries. This seemingly trivial U-turn was considered by the IMF's Executive Board, no less, and marks an ideological shift that will encourage poor agricultural exporters.

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