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Monday, 02 May 2016

Mozambique: Britain Suspends Financial Aid

The British government on Thursday announced that it is suspending financial aid to Mozambique, in the wake of the scandal over undisclosed loans. Earlier this month, it became clear that almost 1.4 billion dollars worth of loans, guaranteed by the Mozambican government, had not been disclosed, either to the Mozambican public or to the International Monetary Fund (IMF). The loans date from 2013-2014 and were contracted by the previous government, headed by President Armando Guebuza. Judging from the statement given by Prime Minister Carlos Agostinho do Rosario at a Maputo press conference on Thursday, the Guebuza government did not inform its successor about these loans. A spokesperson for the British Department for International Development (DFID), cited in the British government statement, said "the existence of the loans, and the lack of transparency around them, is deeply disappointing", and warned of "serious implications for Mozambique's economy for the medium-term".

Source: allafrica.com