Mozambique's actual total debt will be $14 bn, significantly more than present estimates of $12bn, according to a study by IESE, published 2 June: "A divida secreta mocambicana: impacto e consequencias economicas". The difference is because the Mozambique Treasury reports debt on the basis of actual spending, but the value of debts contracted is larger. Thus the Maputo-KaTembe bridge is still under construction so not all of the loan has yet been spent and so it not treated as debt.
IESE also notes that "the bulk of the debt was for arms or for large projects with doubtful returns and priority, and which are very long term and thus do not generate the capacity to service the debt in the short and medium term."
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