document <\/a>states.<\/p>\nMozambique\u2019s Prime Minister, Benvinda Levi, said in parliament on 20 November that the government planned to reduce the state\u2019s borrowing requirements by increasing revenues and implementing tax reforms.<\/p>\n
\u201cWe believe that increased revenue collection will gradually reduce the state\u2019s need to resort to domestic and external borrowing,\u201d said the prime minister on the second day of debate on the 2024 General State Account (CGE) in parliament.<\/p>\n
\u201cWe will implement economic policy measures and tax reforms to stimulate the growth of our economy through productive diversification, strengthening national value chains, increasing production and productivity, which, on the one hand, will contribute to increasing state revenues and, on the other, generate more jobs and income for Mozambicans,\u201d Levi added.<\/p>\n
Benvinda Levi reiterated that solutions were being adopted to \u201cimprove the quality of debt data in terms of recording, servicing, monitoring and analysing its management\u201d to achieve \u201cgreater fiscal transparency\u201d.<\/p>\n
\u201cWe will continue to take action to bring public debt to sustainable levels, ensuring a balance between sources of financing and strengthening fiscal discipline,\u201d she insisted.<\/p>\n
Mozambique\u2019s debt fell during the third quarter to 1.068 billion meticais (\u20ac14.5 billion), according to a report by the Ministry of Finance, Lusa reported.<\/p>\n
According to the third-quarter budget execution data, 41.6% of the total debt stock as of 30 September was domestic debt, including advances from the Bank of Mozambique and issues of Treasury Bonds and Treasury Bills, with the remaining 58.4% relating to external debt.<\/p>\n
This volume of debt compares with the record high at the end of the second quarter, when Mozambique\u2019s debt stock reached 1.072 trillion meticais (\u20ac14.6 billion) on 30 June, according to previous data from the Ministry of Finance, which was then an increase of 0.1% compared to the previous quarter.<\/p>\n
This represents a 0.9% decline over three months, according to the government, mainly due to the amortisation of Treasury bonds.<\/p>\n
Mozambique\u2019s Finance Minister, Carla Loveira, said on 29 October that the sustainability of public debt is \u201cone of the biggest challenges\u201d facing the Mozambican economy, with \u201creforms\u201d underway for its sustainable management.<\/p>\n
Lusa reported on 27 October that Mozambique\u2019s government had hired the American firm Alvarez & Mar\u00e7al to \u201cassist in the preparation of the public debt restructuring plan\u201d and to \u201cprovide support in the preparation of the 2026-2029 Public Debt Strategy\u201d.<\/p>\n
Alvarez & Marsal, headquartered in New York and with a global presence, is described as a specialist in recovery and performance improvement, with interventions such as those at Lehman Brothers.<\/p>\n
Source: Lusa<\/p>\n","protected":false},"excerpt":{"rendered":"FILE _ For illustration purposes only. [File photo: Banco de Mo\u00e7ambique] Mozambique\u2019s sovereign risk was at a \u201csevere…\n","protected":false},"author":2,"featured_media":315793,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":{"0":"post-315792","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-uk","11":"tag-united-kingdom","12":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/315792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=315792"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/315792\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/315793"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=315792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=315792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=315792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}