Mozambique gives creditors debt restructuring options


    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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