April 17, 2018 / 12:10 PM / in 4 months

Mozambique state accountable for debt but responsibility must be shared-president

LONDON, April 17 (Reuters) - 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 said on Tuesday.

Heavily indebted Mozambique got cut off from multilateral and foreign donors such as the International Monetary Fund after the government admitted to $1.4 billion of previously undisclosed loans in 2016. It presented a restructuring plan to its commercial creditors in March.

“We are making dialogue with the creditors and we are looking at what should be done, naturally this is a complex process,” said Nyusi, speaking through a translator at international think tank Chatham House in London.

“It is a complex process because it is not only Mozambique to be seen as a culprit....this loan was from a certain place, they were not aware we are just giving this, due diligence should have been done, so this is a responsibility that should be shared,” he added. (Reporting by Karin Strohecker; editing by Sujata Rao)

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