The amount of delayed payments by the government of Mozambique concerning its foreign debt has reached $636 million (€517 million), it said in a presentation to investors and creditors in London.
The document said that Mozambique has not yet paid any of the government debt issued in April 2016 and it owes $136 million regarding this financial instrument on the international markets.
As regards Mozambique Asset Management, there are delays on $345 million and the state also owes $154 million on a loan taken out by Proindicus.
This is the result of a gaping hole in the country’s public accounts that opened up in 2013 and 2014.
Three state-owned front companies borrowed about two billion dollars (roughly an eighth of the country’s GDP based on state guarantees signed outsider the law and without the knowledge of the authorities or partners.
The banks that lent the money were Credit Suisse and Russian bank VTB, whose actions are also being investigated by the FBI and the US Justice Department as well as the financial regulators in the UK and Switzerland.
- COM
