APPENDIX A

KEY ECONOMIC INDICATORS

(IN MILLIONS OF CURRENT U.S. DOLLARS UNLESS OTHERWISE NOTED)

                                               (ESTIMATE)
DOMESTIC ECONOMY          1991     1992     1993     1994
----------------          ----     ----     ----     ----

POPULATION (MILLIONS)     15.3     15.6     15.9     16.3
POPULATION GROWTH
 (PERCENT)                 2.7      2.7      2.7      2.7
GDP                      1,400    1,200    1,100    1,000
GROWTH (PERCENT)           2.6     -2.3      5.6     5.7#
GDP PER CAPITA (USD)      89.2     75.0     69.2     61.7
GOV. EXPENDITURE AS
  PERCENT OF GDP          48.7     53.7     56.9     69.2
INFLATION (PERCENT)       33.2     45.1     46.5     40.0
AVG. EXCHANGE RATE
  (MT/USD)               1,435    2,432    3,713    5,565
FOREIGN DEBT             4,995    5,236    5,154    5,157
DEBT SERVICE RATIO        35.7     45.9     45.0     52.3

BALANCE OF PAYMENTS

TOTAL EXPORTS            162.3    139.3    145.8    164.8
TOTAL IMPORTS            823.9    782.2    908.9   1095.8
TRADE BALANCE           -661.6   -642.9   -763.1   -931.0
US EXPORTS TO MOZAMBIQUE 100.8    149.6     39.6     45.0
US IMPORTS FROM
  MOZAMBIQUE              22.6     19.3      9.7     15.0

SOURCE: WORLD BANK, IMF, THE ECONOMIST, MOZAMBIQUE GOVERNMENT AND
U.S. EMBASSY ESTIMATES.

NOTE: # GDP GROWTH RATES ARE CALCULATED BY THE WORLD BANK IN
METICAIS.  DUE TO THE CONTINUING DEVALUATION OF THE METICAL IN
RELATION TO THE USD, THE GDP AS MEASURED IN USD IS DECLINING.