Mozambique gives creditors debt restructuring options

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    Mozambique on Tuesday presented creditors with three options for restructuring huge debts it is unable to repay until gas projects begin production forecast in late-2022, a finance ministry presentation showed.

    The scenarios given to creditors include extending maturities on the outstanding defaulted debt to between 8 and 16 years and a haircut on interest and penalties owed, the presentation said.

    Shortly after restructuring a Eurobond in 2016, Mozambique’s government admitted to $1.4 billion of previously undisclosed loans, prompting the International Monetary Fund and foreign donors to cut off support.

    – Reuters

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