The slower gross domestic product (GDP) growth was due to lower than expected exports and a decrease in public expenditure and foreign direct investment. A reduced influx of hard currency assisted the devaluation of the metical (MZN) against the US dollar and pressured the balance of payments. This was halted only by a USD 282.9 million standby credit facility agreement with the International Monetary Fund in December 2015. The budget deficit was reduced from 6.6% in 2014 to 5.4% in 2015.