{"id":50620,"date":"2023-11-18T18:25:08","date_gmt":"2023-11-18T18:25:08","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/debt-service-to-climb-18-in-2024-to-e1-7b"},"modified":"2023-11-18T18:50:58","modified_gmt":"2023-11-18T18:50:58","slug":"debt-service-to-climb-18-in-2024-to-e1-7b","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/debt-service-to-climb-18-in-2024-to-e1-7b","title":{"rendered":"Debt service to climb 18% in 2024 to \u20ac1.7B"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique\u2019s debt servicing costs will grow by 18% in 2024, to more than 116.631 billion meticais (\u20ac1.712 billion), according to Mozambican government figures to which Lusa had access on Monday.<\/p>\n

According to the documents supporting the proposal for the Economic and Social Plan and State Budget (PESOE) for 2024, under discussion in parliament, to which Lusa had access today, the cost of servicing Mozambique\u2019s debt \u2013 interest payments and principl \u2013 is estimated to be equivalent next year to 7.6% of the estimated Gross Domestic Product (GDP).<\/p>\n

For this year, the government\u2019s forecast for the cost of servicing the debt is 98.817 billion meticais (\u20ac1.451 billion), equivalent to 7.5% of the GDP expected for 2023. The previous year, the cost of servicing the debt was 72,363 million meticais (\u20ac1.063 billion), equivalent to 6.1% of GDP.<\/p>\n

\u201cThe acceleration in capital amortisation is related to the framework of the External Debt Restructuring Agreement, with maturities to be verified in 2024. In addition, a change in the external debt interest rate is expected for bonds maturing in 2024,\u201d reads the document.<\/p>\n

As a result, more than half of the cost of servicing Mozambique\u2019s public debt next year will be capital repayments, amounting to 60.915 billion meticais (\u20ac894.7 million) and 55.716 billion meticais (\u20ac818.4 million) in interest payments, of which 41.430 billion meticais (\u20ac608.5 million) relates to domestically issued debt, through bonds and treasury bills.<\/p>\n

The governor of the Bank of Mozambique recognised this month \u201cthe strong pressure on public spending\u201d in the country \u201cin a context of weak revenue collection and limited sources of external financing\u201d, which \u201cis contributing to an increase in fiscal risk and domestic indebtedness\u201d.<\/p>\n

\u201cThe increase in spending stems above all from the implementation of the wage reform and spending related to the electoral cycle,\u201d he warned on 1 November.<\/p>\n

By way of \u201cexample\u201d, he pointed out that the domestic public debt, which in 2022 stood at 275 billion meticais (\u20ac4.080 billion), \u201cincreased by around 19% in the last 10 months\u201d of this year, to 327 billion meticais (\u20ac4.852 billion).<\/p>\n

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

Africa-Press – Mozambique. Mozambique\u2019s debt servicing costs will grow by 18% in 2024, to more than 116.631 billion meticais (\u20ac1.712 billion), according to Mozambican government figures to which Lusa had access on Monday. According to the documents supporting the proposal for the Economic and Social Plan and State Budget (PESOE) for 2024, under discussion in […]<\/p>\n","protected":false},"author":84,"featured_media":50618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8],"tags":[233,281,283],"class_list":["post-50620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nDebt service to climb 18% in 2024 to \u20ac1.7B - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique\u2019s debt servicing costs will grow by 18% in 2024, to more than 116.631 billion meticais (\u20ac1.712 billion), acco ...\" \/>\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\/debt-service-to-climb-18-in-2024-to-e1-7b\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt service to climb 18% in 2024 to \u20ac1.7B\" \/>\n<meta property=\"og:description\" content=\"Mozambique\u2019s debt servicing costs will grow by 18% in 2024, to more than 116.631 billion meticais (\u20ac1.712 billion), acco ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/debt-service-to-climb-18-in-2024-to-e1-7b\" \/>\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=\"2023-11-18T18:25:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-18T18:50:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/11\/sm_1700320688.872112.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"775\" \/>\n\t<meta property=\"og:image:height\" content=\"517\" \/>\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=\"2 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\/debt-service-to-climb-18-in-2024-to-e1-7b#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/debt-service-to-climb-18-in-2024-to-e1-7b\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Debt service to climb 18% in 2024 to \u20ac1.7B\",\"datePublished\":\"2023-11-18T18:25:08+00:00\",\"dateModified\":\"2023-11-18T18:50:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/debt-service-to-climb-18-in-2024-to-e1-7b\"},\"wordCount\":333,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/debt-service-to-climb-18-in-2024-to-e1-7b#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/11\/sm_1700320688.872112.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/debt-service-to-climb-18-in-2024-to-e1-7b#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/debt-service-to-climb-18-in-2024-to-e1-7b\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/debt-service-to-climb-18-in-2024-to-e1-7b\",\"name\":\"Debt service to climb 18% in 2024 to \u20ac1.7B - 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