World Economy

Mozambique Has Hidden Debt

Mozambique Has Hidden DebtMozambique Has Hidden Debt

The International Monetary Fund says Mozambique has admitted to having over one billion dollars of undisclosed debt and the two sides were now evaluating the implications of this disclosure, MoneyWeb reported. The IMF learned of the undisclosed borrowing last week but Mozambique’s Finance Minister Adriano Meleiane initially dismissed the suggestion, speaking only of “some confusion”. Prime Minister Carlos Agostinho do Rosario then flew to the United States earlier this week to meet with IMF Managing Director Christine Lagarde and a finance ministry team worked with the IMF Mozambique staff to explain the borrowing.