Arab Today, arab today mozambique civil society calls for debt disclosure
Last Updated : GMT 14:36:28
Arab Today, arab today
Arab Today, arab today

Mozambique civil society calls for debt disclosure

Arab Today, arab today

Arab Today, arab today Mozambique civil society calls for debt disclosure

Hidden debts
Maputo - XINHUA

 Mozambique's civil society organizations have demanded the government publish all information about the country's public debt amid worries over the alarming public debt to GDP ratio of 73.4 percent after revelation of over 1 billion U.S dollars hidden debts last week.

The Budget Monitoring Forum (FMO), a coalition that contains some of Mozambique's most credible civil society organizations, asked for an exhaustive audit of the Mozambican public debt "in order to know the real amounts involved, the creditors and the payment period for each of the debts."

It urged in a statement the government to explain publicly its strategy for paying the debt "and announce measures to hold responsible the authors of the present crisis."

The statement comes after the Mozambican government admitted the existence of public debts of over 1 billion U.S. dollars to the International Monetary Fund (IMF) and the World Bank, by the country's Prime Minister Carlos Agostinho do Rosario, who flew to Washington on Tuesday, in the wake of the IMF cancelling a mission to Maputo originally planned for this week.

The IMF announced last week at a Washington press conference that the IMF had received confirmation from the authorities of the existence of a large amount of borrowing that had not previously been disclosed to the IMF.

The institution also suspended the second loan installment worth 283 million U.S. dollars to Mozambique from the Fund's Standby Credit Facility, immediately after the cancellation of the mission's visit to Mozambique.

According to Mozambican Finance Minister Adriano Maleiane, the banks Credit Suisse and VTB of Russia, lent 622 million U.S. dollars to the state company Pro-Indicus for the purchase of ships and radar systems for maritime defence.

A second loan handled by the same banks for 500 million U.S. dollars remains unclear: it is said to be connected to the Pemba Logistical Base, under construction in northern Mozambique to service the requirements of the nascent oil and gas industry, said in a report from the country's state news agency AIM.

The statement from FMO indicated that Mozambique's public debt reached 73.4 percent of GDP, instead of the 49 percent calculated prior to the latest revelations.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today mozambique civil society calls for debt disclosure Arab Today, arab today mozambique civil society calls for debt disclosure

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today mozambique civil society calls for debt disclosure Arab Today, arab today mozambique civil society calls for debt disclosure

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday