Mozambique: Culture is an asset for the country's economy
IMF cancels mission ‘pending full disclosure and assessment of facts’ related to Moz US$1bln debt
6:41 CAT | 15 Apr 2016
FULE - Antoinette Sayeh, director of the International Monetary Fund’s African department (L) and Christine Lagarde, Managing Director of the International Monetary Fund (R) [File photo: ALL Africa]
*Excerpt from the Press Conference by The Director of the African Department, Ms Antoinette Sayeh.
(Washington DC, April 15, 2016)
“(…) I would like to provide an update on Mozambique, given recent press reports about the existence of new loan transactions associated with the security and defence sectors.
“We have received confirmation this week from the authorities of the existence of a large amount of borrowing that had not previously been disclosed to the IMF.
“The undisclosed borrowing exceeds $1 billion and significantly changes our assessment of Mozambique’s macroeconomic outlook.
“We are currently ascertaining in cooperation with the authorities the facts regarding this borrowing.
2We have advised the authorities that any undisclosed debt-related transactions, irrespective of their purpose, need to be reported transparently and publicly.
“Such disclosure is essential to ensure full accountability of the government to their citizens and parliament, allow an accurate assessment of the previously undisclosed debt on the macroeconomic outlook, and assess the impact of these possible transactions on the IMF-supported arrangements with Mozambique.
“The mission that was scheduled to initiate discussions next week for reviews of Mozambique’s arrangements under the Policy Support Instrument and Standby Credit Facility has been cancelled, pending a full disclosure and assessment of the facts”.
Source: IMF
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