Portuguese-speaking African countries owe 1.556 billion euros to Portugal at end of 2009

5 October 2010

Lisbon, Portugal, 5 Oct – The official debt of Portuguese-speaking African countries (PALOP) to Portugal rose by 120 million euros in 2009, to 1.556 billion euros, according to figures published by the Bank of Portugal Monday.

The official debt (direct debt plus State secured debt) of Angola to Portugal rose by 70.12 million euros to 989.32 million euros, accounting for 63.6 percent of the total official debt of PALOPs to Portugal at the end of 2009.

According to the report on the progress of the PALOP and East Timor economies and trade relations and balance of payments of Portugal with these countries, Angola’s debt was driven, just as in previous years, by a rise in medium and long term loans guaranteed by the Portuguese state.

Mozambique, in its turn, last year started to use the credit lines agreed with Portugal in 2008 and 2009 and at the end of December its debt was 318 million euros, 31.42 million euros more than a year previously.

Cape Verde’s debt rose to 123.3 million euros, in this case due to a rise in direct debt to the Portuguese state, related to new pay outs on loans for road infrastructures.

Guinea Bissau’s official debt to Portugal rose to 97.8 million euros due to late payment interest and the depreciation of the dollar against the euro.

In the case of Sao Tome and Principe, direct debt remained unchanged, but a rise in guaranteed debt led to the total rising to 27 million euros. (macauhub)