Mozambique: Government issues treasury bonds to cover deficit

7 August 2008

Maputo, Mozambique, 7 Aug -The Mozambican government said Wednesday that it is issuing treasury bonds worth a total 350 million meticais to help plug this year’s budget deficit.

Luis Covane, spokesman of the Maputo government, said the treasury issue would comprise 3,500,000 bonds in Mozambican currency each valued at 100,000 meticais.

The Mozambican Treasury will work on the details of repayment periods and rates of interest for bearers of the bonds, said Covane, adding that high import prices of fuel and food have forced the government to boost budget spending this year. (macauhub)