Mozambique reveals amount of foreign loans to the IMF

25 April 2016

The government of Mozambique recognised loans contracted with a State guarantee of over US$1 billion without providing information provided to the International Monetary Fund (IMF), said the multilateral institution.

In a three-paragraph statement published Saturday on the IMF website, the IMF said its board of directors had welcomed the fact that the Government of Mozambique had reported complete information not disclosed to date, “a position that represents an important first step to restoring confidence.”

The director-general of the IMF Christine Lagarde last week received the Prime Minister of Mozambique, Carlos Agostinho do Rosario, who traveled to Washington to meet with the International Monetary Fund (IMF) and the World Bank (WB) following cancellation of an IMF mission to Mozambique.

The Fund said in a statement it would continue working with the Mozambique authorities to carry out an assessment of the macroeconomic implications of the loans now disclosed and identify measures that lead to the consolidation of the financial stability and sustainability of public debt. (macauhub/MZ)