Mozambique: External debt grows 10% to €8.4B – State’s General Account

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Mozambique: External debt grows 10% to €8.4B – State’s General Account

5:49 CAT | 08 May 2019

File photo: Macauhub

Mozambique’s external debt increased by 10% to $9,487.9 million (€8.4 billion) in 2017, according to the State’s General Account presented on Wednesday by the country’s government in the parliament.

The document does not mention the so-called hidden debts, secretly authorised by the former government between 2013 and 2014, considering all the expenses together.

Regarding the internal debt, it also rose between 2016 and 2017, increasing by 21.9% to 106,899.6 million meticais (€1.5 billion).

“The growth of internal debt in 2017 was due to the transition of Treasury bills 2016 profit of 21.6 billion meticais (€372 million) to 2017, as well as the issue of Treasury bonds up to 11.4 billion meticais (€159 million) to support the budget deficit,” the document reads.

In 2017, Mozambique had expenses of about 272 billion meticais (€3.2 billion) and revenues of over 186 billion meticais (€2.6 billion), thus surpassing the 114.4% target established.

Mozambique’s State General Account is usually presented to the parliament with a one-and-a-half-year delay.

Source: Lusa