Portuguese-speaking African countries owe 1.764 billion euros to Portugal at end of 2010

20 September 2011

Lisbon, Portugal, 20 Sept – The debt of five Portuguese-speaking African countries (PALOP) to Portugal totalled 1.746 billion euros (US$2.407 billion) at the end of 2010, the Bank of Portugal said Monday in Lisbon.

Compared to 2009, the debt owed by Angola, Mozambique, Cape Verde, Guinea Bissau and Sao Tome and Principe at the end of 2010, when it posted the biggest growth of the last 15 years, rose 12.9 percent or 201 million euros in real terms, noted the Portuguese central bank in a document on the progress of the economies of PALOP countries and East Timor.

The figures from the Bank of Portugal were published on the same day as delegations from the central banks of the Portuguese-speaking countries took part, in Lisbon, in an annual meeting to discuss issues on the agenda of the next meet with the International Monetary Fund (IMF) and the World Bank and other cooperation matters.

The 21st Lisbon Meeting of the delegations of the central banks of the Portuguese-speaking countries is organised by the Bank of Portugal.

According to the document, Angola was, of the five countries, the one with the biggest debt, around 60 percent of the total, or 1.056 billion euros.

Mozambique was the country with the second largest amount of debt to the Portuguese state having seen a rise of 65 million euros between 2009 and 2010 on account of making use of credit lines to fund investment and infrastructure projects.

Cape Verde, the PALOP with the third-highest debt to Portugal, was the country that saw greatest real growth in debt, of 72 million euros against 2009, “a new and significant rise,” noted the central bank in its report, which led to debt rising to 196 million euros.

Guinea Bissau did not take on or pay off any debt in the period and its debt merely fell by 7 million euros due to appreciation of the dollar against the euro.

Sao Tome and Principe’s official debt to Portugal rose by 12 million euros to 49 million euros. (macauhub)