CONTROVERSIAL LOANS
Energy revenue ‘will aid restructuring of Mozambique debt’
IMF delegation arrives in Mozambique to follow up on a damning external audit into loans that were not cleared through parliament
Moscow — The outlook for a restructuring of $2bn of controversial borrowing by Mozambique state companies will be better in 2018 as the country receives more earnings from its energy resources, says a senior Mozambican diplomat. An IMF delegation has arrived in Mozambique to follow up on a damning external audit into loans that were not cleared through parliament. The discovery of the loans prompted the IMF and western donors to end budgetary support for Mozambique, leading to a collapse of its currency and defaults on its debt. Creditors including Russian bank VTB and Credit Suisse, which arranged the controversial $2bn loans, are waiting for restructuring to start. "It is important we restructure Mozambique’s debt to VTB. I think that next year, things will be different," said Mario Saraiva Ngwenya, Mozambique’s ambassador to Russia. "We have started to get some money from some oil and gas contracts," he said. Mozambique has large natural gas reserves in which international energy...
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