Mozambique’s has public debt totals US$6.8 billion at the end of 2013

7 March 2014

Mozambique’s public debt totalled US$6.8 billion on December 31, 2013, of which US$5.8 billion was foreign debt, the country’s finance minister, Manuel Chang said Thursday in Maputo.

The minister, who was speaking at a session in parliament, gave assurances that the level of public debt has remained sustainable.

“The ratio of public debt to Gross Domestic Product (GDP) in 2013 was 29.6 percent and to exports was 90.9 percent,” said the minister cited by news agency AIM.

Mozambique’s main multi-lateral creditors are the World Bank, the African Development Bank, and the European investment Bank as well as the International Fund for Agricultural Development and its bilateral creditors include Japan, China, India, France, Portugal, Brazil and Germany.

Chang noted that the “stock” of foreign debt mainly consists of subsidised long-term loans with maturities of between 20 and 50 years, at interest rates of between zero and 1.5 percent. (macauhub)