{"id":46446,"date":"2023-09-10T19:23:34","date_gmt":"2023-09-10T19:23:34","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/no-financial-default-risk-this-year"},"modified":"2023-09-10T20:09:31","modified_gmt":"2023-09-10T20:09:31","slug":"no-financial-default-risk-this-year","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/no-financial-default-risk-this-year","title":{"rendered":"No financial default risk this year"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The analysis unit of financial information agency Bloomberg said on Monday that no African country would go into financial default this year, citing Mozambique, Kenya and Angola as the countries with the most difficulty in paying off their debt.<\/p>\n

\u201cSeveral African countries are among the most vulnerable when it comes to debt repayments, but we don\u2019t think any nation will default; even the three riskiest economies \u2013 Mozambique, Kenya and Angola \u2013 can avoid the fate of Ghana and Zambia,\u201d the analysts wrote about the risk of financial default in 60 emerging economies.<\/p>\n

\u201cExcluding Ghana and Zambia, which have already defaulted, Mozambique, Kenya and Angola are among the 10 riskiest countries, but a closer look at these countries shows mitigating factors in each of them,\u201d the analysts added, stressing that \u201cMozambique\u2019s next bond matures in 2031, Kenya has the support of the International Monetary Fund, and oil is giving Angola room to manoeuvre.\u201d<\/p>\n

High interest rates, depreciating currencies, slowing growth and rising import prices have increased the risk of financial defaults globally, but especially in sub-Saharan Africa, Bloomberg Economics noted.<\/p>\n

\u201cFinancial defaults in Zambia in 2020 and Ghana in 2022 may lead to questions about who is next, but country-level analysis suggests that further defaults beyond these two countries are unlikely,\u201d the analysts pointed out.<\/p>\n

With regard to Mozambique, Bloomberg Economics says that although it is a risky country, the fact that around 40% of the external debt is concessional, i.e. at better than market prices and that it has an IMF programme, helps the country to provide security for investors.<\/p>\n

Furthermore, they add, \u201cMozambique\u2019s commercial debt is very low, since the $900 million in foreign currency bonds (Eurobonds), worth 7% of the external debt, are not due until 2031\u201d.<\/p>\n

Also in Mozambique\u2019s favour is the fact that the debt to GDP ratio has fallen from 126% in 2016, at the height of the hidden debt scandal, to 90% of GDP today, as well as \u201cthe prospect of investments in the natural gas sector, which should increase government revenues from 0.1% this year to 0.9% of GDP in 2028\u201d.<\/p>\n

While in the case of Mozambique, natural gas is comforting in terms of tax revenues, in Angola, it is oil that will provide room for manoeuvre, with Bloomberg Economics saying that it is oil \u201cthat will save Angola\u201d.<\/p>\n

Angola\u2019s vulnerability \u201cstems from its high debt servicing costs, which are expected to increase following the devaluation of the kwanza by around 40% against the dollar in the last three months,\u201d these analysts said.<\/p>\n

Despite this, they pointed out, \u201chigh oil prices give the country a lot of room for manoeuvre,\u201d and the economy returned to growth in 2021 after five years of recession.<\/p>\n

\u201cGrowth increased to 2.8% in 2022 from 1.1% in 2021, which helped strengthen revenue mobilisation efforts, moved the budget balance-to-GDP ratio into surplus and brought public debt-to-GDP below 100%.\u201d<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. The analysis unit of financial information agency Bloomberg said on Monday that no African country would go into financial default this year, citing Mozambique, Kenya and Angola as the countries with the most difficulty in paying off their debt. \u201cSeveral African countries are among the most vulnerable when it comes to debt […]<\/p>\n","protected":false},"author":84,"featured_media":46445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-46446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nNo financial default risk this year - Mozambique<\/title>\n<meta name=\"description\" content=\"The analysis unit of financial information agency Bloomberg said on Monday that no African country would go into financi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/no-financial-default-risk-this-year\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No financial default risk this year\" \/>\n<meta property=\"og:description\" content=\"The analysis unit of financial information agency Bloomberg said on Monday that no African country would go into financi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/no-financial-default-risk-this-year\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-10T19:23:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-10T20:09:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/09\/sm_1694360210.387834.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"784\" \/>\n\t<meta property=\"og:image:height\" content=\"523\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/no-financial-default-risk-this-year#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/no-financial-default-risk-this-year\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"No financial default risk this year\",\"datePublished\":\"2023-09-10T19:23:34+00:00\",\"dateModified\":\"2023-09-10T20:09:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/no-financial-default-risk-this-year\"},\"wordCount\":480,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/no-financial-default-risk-this-year#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/09\/sm_1694360210.387834.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/no-financial-default-risk-this-year#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/no-financial-default-risk-this-year\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/no-financial-default-risk-this-year\",\"name\":\"No financial default risk this year - 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