MAPUTO, March 1 Mozambique will seek to
negotiate a restructuring of part of its debt, its prime
minister said on Wednesday.
The southern African nation is struggling to repay loans of
more than $2 billion that were not approved by parliament or
"We will negotiate with the creditors to restructure these
debts," said Prime Minister Carlos Agostinho do Rosario, adding
that the nation wants to honour its debts "in a balanced way",
the state news agency reported.
With aid by the International Monetary Fund suspended in the
wake of the unapproved loans, Mozambique's government last year
said its debt was unsustainable.
Rosario also said he expected Mozambique would reach its
economic growth target of 5.5 percent this year.
The nation's foreign currency reserves have increased and is
now sufficient to cover five months of imports, Rosario said.
Mozambique in November appointed risk management firm Kroll
to probe the state firms that hid the loans from government and
"We all want the audit completed on time," said Rosario
referring to the end-March deadline. "We are awaiting the
results, but negotiations with the IMF are under way."
(Reporting by Manuel Mucari; Writing by TJ Strydom; Editing by