Mozambique in Xi's Debt Trap, Seeks Relief from China | Firstpost Africa | N18G
Mozambique in Xi's Debt Trap, Seeks Relief from China | Firstpost Africa | N18GMozambique is grappling with a severe economic crisis, exacerbated by political instability following disputed October elections. President Daniel Chapo has indicated the nation is considering asking China, its largest bilateral creditor with a $1.4 billion debt, for debt restructuring or even forgiveness. The country's economy is fragile due to back-to-back contractions and widespread unrest, which has significantly impacted public revenues and damaged infrastructure. Mozambique is also seeking a new programme with the International Monetary Fund (IMF) and hopes to secure a deal within months to ease fiscal pressure. This move would see Mozambique join other African nations like Ghana, Zambia, and Ethiopia, facing similar debt challenges amid soaring borrowing costs. Watch this video to know more.
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