Mozambique owed Iraq a total of $ 320.2 million and will pay the remaining $ 64 million in 15 years, starting in 2029
The Iraq deleted debt of $ 256 million owed by Mozambique For decades for oil supplies, the Treasury of the country of Southeast African has announced.
It is noted that Mozambique owed Iraq a total of $ 320.2 million and will pay the remaining $ 64 million in 15 years, starting in 2029, the ministry said in a statement on Tuesday.
Debt dates back to a oil supply agreement in 1979 and 1980 and debt write -offs after negotiations this month in Abu Dhabi, Mozambique said.
Nation -rich nation is facing an increasingly heavy debt burden. Fitch evaluation firm on 7 February reduced Mozambique’s credit rating on CCC from CCC+, stating that unresolved political and social upheavals hit state revenue in a period of increased financial needs and uncertainty about foreign funding.
Source: Skai
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