AfricaPress-mozambique: Despite the current level of public debt being considered unsustainable, and, at 125.3% of GDP [gross domestic product] the highest in southern Africa, the Mozambican government continues to borrow heavily.
Data from the World Bank indicate that loans granted by the institution to the country in 2021 soared in relation to the last four years, it website revealing that it lent Mozambique US$988 million, almost double the annual average of loans granted in the last four years.
From 2018 to 2020, the World Bank lent Mozambique an annual average of US$537.3 million, after having lent only US$104 million in 2017. Cumulatively, from 2017 to 2021, the World Bank lent the country US$2.7 billion.
(Note that the World Bank’s 2021 economic year corresponds to the period July 2020 to June 2021.)
The World Bank website does not reveal the exact destination of the amounts borrowed in 2021.
