Economy of Mozambique the second international fibre (EASSy) in 2010. The lower cost of bandwidth has already started to trickle down to lower consumer prices in some service segments, while others have remained unchanged. The banking system collapsed after independence from Portugal in 1975. From an earlier position (in the 1980s) of central government control of the economy, Mozambique has initiated rapid reforms in recent years, accelerating the implementation of market-based economic policies, and committing to a policy of fiscal and monetary discipline. In 1995 the government introduced its medium-term economic growth, strategy which it continues to pursue. Since the late 1990s, both
Foreign relations of Mozambique years immediately following its independence, Mozambique benefited from considerable assistance from some western countries, notably the Scandinavians. The Soviet Union and its allies, however, became Mozambique's primary economic, military, and political supporters and its foreign policy reflected this linkage. This began to change in 1983; in 1984 Mozambique joined the World Bank and International Monetary Fund. Western aid quickly replaced Soviet support, with the Scandinavians, Finland, the United States, the Netherlands, and the European Union becoming increasingly important sources of development assistance. Italy also maintains a profile in Mozambique as a result of its key role during the peace process.