{"id":8602,"date":"2021-11-08T16:55:15","date_gmt":"2021-11-08T16:55:15","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=8602"},"modified":"2021-11-08T15:13:27","modified_gmt":"2021-11-08T15:13:27","slug":"mozambique-to-avoid-debt-restructuring-despite-gas-delays","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-avoid-debt-restructuring-despite-gas-delays","title":{"rendered":"Mozambique to avoid debt restructuring despite gas delays"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique ruled out reworking its sole $900 million Eurobond, even as delays in giant liquefied natural gas projects because of an Islamic State-linked insurgency cost it revenue, the Finance Ministry said.<\/p>\n

TotalEnergies SE in April suspended work on its $20 billion project, Africa\u2019s biggest private investment yet, due to an escalation of violence in the gas-rich northern Cabo Delgado province where it operates. It is now targeting first production in 2026 \u2014 two years later than originally planned.<\/p>\n

Mozambique has been counting on gas revenues to boost development and help pay down government debt that the International Monetary Fund sees reaching 133.6% of gross domestic product this year, the third-highest ratio in sub-Saharan Africa.<\/p>\n

The Eurobond coupon payments, which jump to 9% in March 2024, from 5% now, were structured in anticipation of TotalEnergies starting gas production by 2024.<\/p>\n

\u201cThe macro-fiscal assumptions that underpinned the renegotiation of Eurobonds with the creditors\u2019 committee remain unchanged,\u201d the ministry said in reply to emailed questions. \u201cThere are no reasons to anticipate the scenario\u201d of having to restructure the dollar bonds, which have already been through two reworkings since 2016, it said.<\/p>\n

Still, its debt continues to mount. The government projects the budget deficit at 13.5% of GDP in 2022, a 4.4 percentage point increase from this year\u2019s target. While the biggest source of funding will come from grants, the government also plans to borrow 11.7 billion meticals ($183 million) externally, and 53.1 billion meticals internally, according to the ministry.<\/p>\n

The ministry didn\u2019t comment on whether the nation is considering asking the IMF for funding following so-called Article IV consultations from September 27 to October 15, the first such mission since 2019.<\/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 ruled out reworking its sole $900 million Eurobond, even as delays in giant liquefied natural gas projects because of an Islamic State-linked insurgency cost it revenue, the Finance Ministry said. TotalEnergies SE in April suspended work on its $20 billion project, Africa\u2019s biggest private investment yet, due to an escalation of […]<\/p>\n","protected":false},"author":84,"featured_media":8601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8,16],"tags":[233,281,283],"class_list":["post-8602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nMozambique to avoid debt restructuring despite gas delays - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique ruled out reworking its sole $900 million Eurobond, even as delays in giant liquefied natural gas projects be ...\" \/>\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\/mozambique-to-avoid-debt-restructuring-despite-gas-delays\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mozambique to avoid debt restructuring despite gas delays\" \/>\n<meta property=\"og:description\" content=\"Mozambique ruled out reworking its sole $900 million Eurobond, even as delays in giant liquefied natural gas projects be ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-avoid-debt-restructuring-despite-gas-delays\" \/>\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=\"2021-11-08T16:55:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/11\/img-61893e71e5f8d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"610\" \/>\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=\"1 minute\" \/>\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\/mozambique-to-avoid-debt-restructuring-despite-gas-delays#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-avoid-debt-restructuring-despite-gas-delays\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mozambique to avoid debt restructuring despite gas delays\",\"datePublished\":\"2021-11-08T16:55:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-avoid-debt-restructuring-despite-gas-delays\"},\"wordCount\":282,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-avoid-debt-restructuring-despite-gas-delays#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/11\/img-61893e71e5f8d.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-avoid-debt-restructuring-despite-gas-delays#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-avoid-debt-restructuring-despite-gas-delays\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-to-avoid-debt-restructuring-despite-gas-delays\",\"name\":\"Mozambique to avoid debt restructuring despite gas delays - 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