The Centre for Public Integrity (CIP), a Mozambican non-governmental organization (NGO), claims that the Mozambican government increased its internal debt in 2023 and subsequently cut the budget for public spending, especially in education, health, agriculture and rural development. In an analysis of the 2023 General State Account (CGE) released this Wednesday (14), the NGO reveals...
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June 22, 2023June 22, 2023Economy
S&P places Mozambique in Selective Financial Default for domestic debt arrears
The financial rating agency Standard & Poor's yesterday temporarily placed Mozambique's rating on Selective Financial Default due to delays earlier this year in the payment of domestic debt issues. According to a statement posted on the financial rating agency's website, "the Government of Mozambique made late payments on commercial debt in...
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June 30, 2022June 30, 2022Economy
"Mozambique's growing domestic debt requires urgent management strategy," - World Bank
The World Bank in its latest Report on "Mozambique's Economic Current Situation" reports that domestic debt has been growing rapidly, particularly since 2016, and as a consequence is stifling the financing of the national economy. According to that financial institution, since the 2016 debt crisis, cuts in donor budget support and access...