President of Mozambique says “it is necessary to restructure” the country’s debt

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President of Mozambique says “it is necessary to restructure” the country’s debt

12:49 CAT | 01 Mar 2018

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Mozambique’s debt restructuring is a necessity, President Filipe Nyusi said on Wednesday after a meeting with Swiss Confederation President Alain Berset at the end of his official visit.

“Together we have come to the conclusion that we need to restructure our own debt, and this process would necessarily involve private investors,” Nyusi told reporters following the presidential entourage.

The issue was raised in relation to the state’s US$2 billion ‘hidden debts’, contracted in 2013 and 2014.

“We took the opportunity to exchange information on the debt situation in Mozambique,” Nyusi said about the meeting, saying it was necessary to “clarify the process, as it happened” and stressing that this was “in the interest of all Mozambicans”.

Of the total, about US$1.5 million of the value obtained by state-owned enterprises in a process not disclosed to the authorities or partners was borrowed, through a British agency, from Credit Suisse, the Zurich-based Swiss investment bank.

“Switzerland is doing everything possible and has been facilitating the contact process,” Nyusi said, noting the support given to the Mozambican Attorney General’s Office.

The head of state returns to Mozambique today after a four-day official visit to Switzerland.

Source: Lusa