South Africa-based Standard Bank, one of the top banks in Africa, predicts Mozambique’s Gross Domestic Product (GDP) to grow by 6.5 percent this year, Portuguese news agency Lusa reports.

The estimate is similar to the latest forecast by the International Monetary Fund (IMF). Earlier this month, the Washington-based fund said it expected the southern African country’s economy to grow 6.5 percent in 2015, followed by 8.1 percent in 2016.

Mozambique’s new Government has set the economic growth target for the country in 2015 at 7.5 percent.

Standard Bank said its forecast already accounted for the economic impact of the heavy rains and flooding that hit the centre and north of Mozambique during the first two months of 2015, causing severe damage to infrastructure and crops.