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Mozambique Wants Foreign Creditors Held Accountable For Undisclosed Debts

 Mozambique will assume responsibility for debt incurred by previous administrations, but there needs to be a shared responsibility by those providing the loans, the country’s
President Filipe Nyusi 
president Filipe Nyusi said on Tuesday.
Nyusi, who spoke through a translator at an international think-tank at Chatham House in London, was referring to multilateral and foreign donours, who cut off the country following irregularities in undisclosed loans to the country in 2016.
Heavily indebted Mozambique got cut off from multilateral and foreign donours such as the International Monetary Fund (IMF) after the government admitted to 1.4 billion dollars of previously undisclosed loans in 2016.
The country, however, presented a restructuring plan to its commercial creditors in March.
Nyusi said his country had begun dialogue with the creditors and “we are looking at what should be done, naturally this is a complex process.
“It is a complex process because it is not only Mozambique that should be seen as a culprit, this loan was from a certain place. Due diligence should have been done, so this is a responsibility that should be shared,” he said