Mozambique's debt is returning to the unsustainable levels that existed before debt cancellation, warns the Jubilee Debt Campaign, in a new report issued today (21 May). Mozambique was one of the first countries qualifying for debt cancellation. Government foreign debt fell from 110% of national income at the turn of the millennium to 60% following HIPC (Heavily Indebted Poor Countries) cancellation, then 30% after the Multilateral Debt Relief Initiative (MDRI) in 2005. Payments fell from 12% of government revenue in 1998 to a low of 2% in 2007. But the IMF and World Bank predict Mozambique’s foreign debt payments will increase rapidly in coming years, reaching 10% of government revenue by 2015-2016. Mozambique has been lent $2.2 billion since 2005, $1.3 billion (60%) of which is from the World Bank, and a further $500 million from other multilateral institutions such as the IMF and African Development Bank, says Jubilee.
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