Mozambique mulls asking China to rework US$1.4 billion debt after unrest hits economy
Mozambique is open to asking China to restructure the US$1.4 billion it owes its biggest bilateral creditor, President Daniel Chapo said.
The gas-rich southeast African nation's economy contracted for two straight quarters after disputed October elections triggered violent protests that left hundreds died and saw factories and shops burned and looted.
The unrest hit public revenues, heaping pressure on the state to stay current on debt payments and amplifying questions about sustainability.
Some bilateral creditors have already expressed interest in supporting Mozambique through forgiving debts, Chapo said.
'Rescheduling or even forgiveness of the debt we have with our largest bilateral creditor is not an outlandish idea,' he said, when asked if the nation was considering requesting
China to restructure its loans.
'Of course, this will always be done within the framework of partnership, within the existing agreement, as we are a serious country that strives to honor its commitments.'
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