Consumer inflation slowed to 13.78 percent in March from 15.23 percent in February, although the IMF said the government and central bank did not intend to loosen monetary policy, which is mainly executed through targeting domestic money supply.

“With economic growth poised to return to pre-crisis levels, the authorities intend to keep economic policies relatively tight during 2011,” the IMF said.

Mozambique has some of the world's largest untapped reserves of coal and is attracting huge foreign investment in projects to export the mineral.