{"id":60222,"date":"2024-05-04T19:17:16","date_gmt":"2024-05-04T19:17:16","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/foreign-debt-service-increased-almost-20-in-2023-to-654-2-million"},"modified":"2024-05-04T19:38:41","modified_gmt":"2024-05-04T19:38:41","slug":"foreign-debt-service-increased-almost-20-in-2023-to-654-2-million","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/foreign-debt-service-increased-almost-20-in-2023-to-654-2-million","title":{"rendered":"Foreign debt service increased almost 20% in 2023 to $654.2 million"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique spent $654.2 million(\u20ac611.5 million) on servicing its external public debt in 2023, up almost 20% in a year, according to data from the Ministry of Economy and Finance to which Lusa had access on Friday.<\/p>\n

According to the report on public debt in 2023, state spending on servicing external debt last year was split between $487.72 million(\u20ac456 million) for amortisation and $166.48 million (\u20ac155.6 million) in interest.<\/p>\n

The total external debt service in 2023, amortised principal and interest, was the highest in the history provided in the report, compared to $545.7 million (\u20ac510.1 million) in 2022 (+19.9%), $517.4 million (\u20ac483.6 million) in 2021, $475.2 million in 2020 (\u20ac444.2 million) and $321 million (\u20ac300 million) in 2019.<\/p>\n

\u2018As in the previous financial year, the net movement of foreign currency in public debt operations was once again negative, i.e. the government paid more to creditors (in principal and interest) than it received (in new disbursements). This is due to the fact that most of the projects in the portfolio have closed their respective disbursement periods (having entered the repayment phase) at a time when the current policy of restricting external indebtedness restricts the entry of new projects into the government\u2019s credit portfolio,\u2019 according to the document.<\/p>\n

The report adds that the flow of external debt movements in 2023 \u2018also reflects the effect of the incorporation into the debt service of the payment made following the multilateral out-of-court agreement reached between the Mozambican state and a group of 14 creditor entities of the now defunct Proindicus,\u2019 in the case of the hidden debts on trial in London, involving ten foreign financial institutions and four domestic commercial banks.<\/p>\n

\u2018Under the agreement in question, and following the respective approval by the cabinet and subsequent verification of legality (legal opinion by the Attorney General\u2019s Office and approval by the Administrative Court), the state paid the sum of $46.36 million [\u20ac43.4 million ] in favour of the ten foreign institutions concerned,\u2019 it said.<\/p>\n

According to previous figures from the Mozambican government, the cost of servicing all of Mozambique\u2019s debt \u2014 including domestic debt \u2014 will grow by 18% in 2024, to more than 116,631 billion meticais (1.702 billion).<\/p>\n

According to the documents supporting the Economic and Social Plan and State Budget (PESOE) for 2024, the cost of servicing<\/p>\n

Mozambique\u2019s debt \u2013 interest payments and principal repayments \u2013 is estimated to be equivalent next year to 7.6% of the Gross Domestic Product (GDP) estimated for this year.<\/p>\n

\u2018The 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,\u2019 the document reads.<\/p>\n

As a result, more than half of the cost of servicing Mozambique\u2019s public debt this year will be capital repayments, amounting to 60.915 billion meticais (\u20ac889 million) and 55.716 billion meticais (\u20ac813.2 million) in interest payments. Of this, 41.430 billion meticais (\u20ac604.7 million) relates to domestically issued debt through bonds and treasury bills.<\/p>\n

In November, the governor of the Bank of Mozambique recognised \u2018the strong pressure on public spending\u2019 in the country, \u2018in a context of weak revenue collection and limited sources of external financing\u2019, which \u2018is contributing to an increase in fiscal risk and domestic indebtedness\u2019.<\/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 spent $654.2 million(\u20ac611.5 million) on servicing its external public debt in 2023, up almost 20% in a year, according to data from the Ministry of Economy and Finance to which Lusa had access on Friday. According to the report on public debt in 2023, state spending on servicing external debt last […]<\/p>\n","protected":false},"author":84,"featured_media":60221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-60222","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":"\nForeign debt service increased almost 20% in 2023 to $654.2 million - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique spent $654.2 million(\u20ac611.5 million) on servicing its external public debt in 2023, up almost 20% in a year, ...\" \/>\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\/foreign-debt-service-increased-almost-20-in-2023-to-654-2-million\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign debt service increased almost 20% in 2023 to $654.2 million\" \/>\n<meta property=\"og:description\" content=\"Mozambique spent $654.2 million(\u20ac611.5 million) on servicing its external public debt in 2023, up almost 20% in a year, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/foreign-debt-service-increased-almost-20-in-2023-to-654-2-million\" \/>\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=\"2024-05-04T19:17:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-04T19:38:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/05\/sm_1714835253.170161.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"825\" \/>\n\t<meta property=\"og:image:height\" content=\"510\" \/>\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\/foreign-debt-service-increased-almost-20-in-2023-to-654-2-million#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/foreign-debt-service-increased-almost-20-in-2023-to-654-2-million\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Foreign debt service increased almost 20% in 2023 to $654.2 million\",\"datePublished\":\"2024-05-04T19:17:16+00:00\",\"dateModified\":\"2024-05-04T19:38:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/foreign-debt-service-increased-almost-20-in-2023-to-654-2-million\"},\"wordCount\":532,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/foreign-debt-service-increased-almost-20-in-2023-to-654-2-million#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/05\/sm_1714835253.170161.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\/foreign-debt-service-increased-almost-20-in-2023-to-654-2-million#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/foreign-debt-service-increased-almost-20-in-2023-to-654-2-million\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/foreign-debt-service-increased-almost-20-in-2023-to-654-2-million\",\"name\":\"Foreign debt service increased almost 20% in 2023 to $654.2 million - 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