IMF Resumes Mozambique Aid After Tuna Bond Scam
May 10, 2022 ·
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The International Monetary Fund has approved financial assistance for Mozambique, the first such aid by the fund to the country after a six-year suspension. The suspension was imposed after the...
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The International Monetary Fund has approved financial assistance for Mozambique, the first such aid by the fund to the country after a six-year suspension.
The suspension was imposed after the country was found to have more than $2.7bn of undisclosed state debts - money which the government borrowed to set up a sophisticated tuna industry - to buy trawlers and military patrol boats, but much of it was allegedly diverted to corrupt officials.
The IMF board approved a three-year $456million aid that will support economic recovery and help reduce public debt.
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The suspension was imposed after the country was found to have more than $2.7bn of undisclosed state debts - money which the government borrowed to set up a sophisticated tuna industry - to buy trawlers and military patrol boats, but much of it was allegedly diverted to corrupt officials.
The IMF board approved a three-year $456million aid that will support economic recovery and help reduce public debt.
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