IMF says Mozambique has over $1 bln of hidden debt

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IMF says Mozambique has over $1 bln of hidden debt

7:21 CAT | 23 Apr 2016

The International Monetary Fund said on Saturday that Mozambique had more than one billion dollars of debt guaranteed by the government that had not been disclosed to the Fund, and said it was evaluating the implications of the loans on the country’s financial stability.

“The authorities acknowledged that an amount in excess of $1 billion of external debt guaranteed by the government had not previously been disclosed to the Fund,” the lending body’s mission chief for Mozambique Michel Lazare said in a statement.