World Economy

No Hidden Loans

No Hidden LoansNo Hidden Loans

Mozambique has no hidden loans and accusations by the International Monetary Fund that it had borrowed $1 billion more than previously disclosed were the result of confusion, the country’s Finance Minister Adrian Maleiane has said, Reuters reported. The IMF canceled a planned trip to Mozambique this week after announcing that it believed the southern African country had concealed borrowing for its defense sector from Credit Suisse and Russia VT Bank. The IMF, which last year agreed to loan Mozambique $286 million to help cushion its economy following deep declines in commodity prices, said the undeclared loans had changed its assessment of Mozambique’s macroeconomic outlook.