Mozambique Strikes $456 Million IMF Deal After Six-Year Freeze
- IMF halted a previous program following hidden-debt scandal
- Loan will bolster Mozambique’s funds as it awaits gas revenues
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The International Monetary Fund approved a fresh economic program for Mozambique that includes a $456 million loan, nearly six years after it froze a previous arrangement because the government concealed more than $1 billion of hidden debt.
The new loan is part of a three-year arrangement and is about 150% of the natural-gas rich nation’s quota with the fund and will likely catalyze additional financing by development partners, the Washington-based lender said in an emailed statement Tuesday. About $91 million will be available for immediate disbursement to one of the world’s poorest nations.