In December 2016, the Mozambican Finance Ministry announced it would be spending a third more than initially budgeted for FY2017, with a total national budget allocation of USD 3.5 billion, due to a decline in supply of domestic and foreign loans. In fact, according to the IMF, the country had budgeted for a deficit of 11% to GDP, at a time when it still enjoyed financial support from the institution – prior to the announcement of the government’s undisclosed debt.
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