For more information, see Republic of Mozambique and the IMF

Republic of Mozambique—Enhanced Structural Adjustment Facility
Policy Framework Paper for 1998–2000

Table 3. Mozambique: Medium- and Long-Term External Debt Service, 1997-2017
(In millions of U.S. dollars)
  Projections
   Outer year
   Averages
  1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2017 1998-07 2008-17

Total debt service 357.9 467.6 488.4 612.6 609.1 616.1 632.4 593.4 550.0 446.2 439.6 444.4 442.6 469.4 646.6 545.5 540.9
   Principal 212.5 293.0 287.5 375.7 381.3 398.3 426.6 399.6 365.8 267.6 262.3 266.3 262.3 286.2 449.0 345.8 348.7
   Interest 145.5 174.6 201.0 236.9 227.8 217.7 205.8 193.8 184.2 178.6 177.3 178.1 180.4 183.2 197.6 199.8 192.2
 
Scheduled debt service1 351.9 408.6 405.7 479.1 465.1 443.6 431.8 375.8 322.2 205.3 185.8 171.5 159.4 163.9 184.7 372.3 177.8
 
   Principal 210.6 273.4 276.3 365.3 365.7 359.1 362.2 320.6 278.7 170.1 154.9 143.7 134.3 140.9 176.4 292.6 160.1
      Multilateral 31.5 44.6 50.5 54.0 51.2 47.0 45.8 44.2 44.1 42.8 38.6 35.8 33.5 35.9 48.5 46.3 41.4
         Of which: IDA 1.5 3.1 5.3 8.3 9.0 11.2 14.0 16.7 19.8 20.4 21.7 24.0 25.7 28.6 39.7 13.0 32.9
                          AfDB/AfDF 8.6 9.0 8.5 8.5 8.1 7.4 7.5 6.6 5.3 5.0 5.1 5.1 5.2 5.7 7.7 7.1 6.6
                          IMF 15.1 24.5 31.0 30.4 28.9 23.5 20.3 15.9 13.9 12.1 6.9 1.8 0.0 0.0 0.0 20.7 0.2
   Bilateral 158.1 178.3 160.2 253.7 258.2 260.2 262.3 221.5 179.0 68.0 53.2 40.8 29.5 29.4 20.4 189.5 32.1
      Paris Club (excl. Russia and Brazil) 56.7 62.4 81.4 171.5 173.8 173.4 172.5 165.7 159.7 62.2 49.0 36.7 25.9 27.6 20.4 127.2 30.9
         Post-cutoff date 12.3 9.9 11.2 11.8 13.6 12.5 10.8 9.1 8.8 8.1 7.6 6.7 6.1 5.9 3.3 10.3 4.4
         Pre-cutoff date 44.4 52.5 70.2 159.7 160.2 160.9 161.7 156.6 151.0 54.1 41.4 30.0 19.8 21.7 17.1 116.8 26.5
          Of which: previously rescheduled
             on Toronto terms
1.1 1.1 1.1 104.2 104.2 104.2 104.2 104.2 103.7 5.3 5.3 5.3 5.3 5.3 0.0 63.8 4.8
          Of which: previously rescheduled
             on London terms2
3.3 3.5 10.0 16.7 17.3 18.0 18.8 13.6 8.6 10.1 11.4 12.8 14.0 15.9 17.0 12.8 20.2
      Russia 62.6 57.8 11.3 7.7 5.2 2.8 1.1 0.4 0.2 0.2 0.2 0.2 0.2 0.0 0.0 8.7 0.0
      Brazil 22.8 26.9 32.6 37.5 40.7 44.0 47.3 24.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25.3 0.0
      Other official 3.3 16.9 17.9 17.7 17.8 17.8 17.8 17.8 17.2 3.7 2.1 2.0 1.4 0.4 0.0 14.7 0.4
      Commercial 12.7 14.3 17.0 19.2 20.7 22.2 23.7 13.2 2.0 2.0 2.0 2.0 2.0 1.4 0.0 13.6 0.7
   Private sector3 21.0 50.5 65.6 57.7 56.4 51.9 54.2 54.9 55.6 59.3 63.1 67.1 71.3 75.6 107.5 56.9 86.6
 
   Interest 141.3 135.1 129.4 113.8 99.4 84.5 69.6 55.2 43.4 35.2 30.9 27.7 25.1 22.9 8.2 79.7 17.7
      Multilateral 18.0 18.0 19.7 13.4 12.6 11.7 11.0 10.5 9.9 9.5 9.0 8.7 8.3 8.1 5.8 12.5 7.3
         Of which: IDA 8.1 7.6 10.2 7.5 7.5 7.4 7.3 7.2 7.1 6.9 6.8 6.6 6.4 6.2 4.4 7.5 5.6
                          AfDB/AfDF 6.1 6.3 6.6 4.1 3.5 3.0 2.7 2.3 2.1 1.9 1.8 1.7 1.6 1.6 1.2 3.4 1.5
                          IMF 1.0 0.9 0.8 0.7 0.5 0.4 0.3 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.4 0.0
      Bilateral 116.2 109.1 102.1 92.9 79.7 66.3 52.7 39.5 29.0 21.7 18.5 16.4 14.7 13.4 2.5 61.2 9.7
         Paris Club (excl. Russia and Brazil) 82.9 79.2 76.0 70.9 62.2 53.5 44.7 36.2 28.0 21.2 18.1 16.1 14.5 13.3 2.5 49.0 9.6
            Post-cutoff date 5.8 4.4 3.9 3.4 2.9 2.5 2.1 1.8 1.6 1.3 1.1 0.9 0.8 0.7 0.2 2.5 0.5
            Pre-cutoff date 77.1 74.7 72.1 67.5 59.3 51.0 42.6 34.4 26.4 19.9 17.0 15.1 13.8 12.7 2.3 46.5 9.1
            Of which:previously rescheduled
               on Toronto terms
35.5 35.4 35.3 34.0 28.9 23.8 18.7 13.6 8.5 4.6 4.1 3.7 3.3 2.9 0.0 20.7 1.8
            Of which: previously rescheduled
               on London terms2
17.0 17.0 16.8 16.2 15.4 14.5 13.5 12.6 12.1 11.7 11.3 10.8 10.3 9.6 2.3 14.1 7.1
      Russia 2.1 1.3 0.8 0.5 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.0
      Brazil 17.7 16.1 14.3 12.1 9.6 6.8 3.9 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.4 0.0
      Other official 4.5 4.3 3.7 3.2 2.7 2.2 1.6 1.1 0.6 0.2 0.1 0.1 0.0 0.0 0.0 2.0 0.0
      Commercial 9.0 8.2 7.3 6.2 5.0 3.7 2.3 1.0 0.4 0.3 0.3 0.2 0.2 0.1 0.0 3.5 0.1
    Private sector3 7.1 8.0 7.6 7.5 7.1 6.5 5.8 5.2 4.6 4.0 3.3 2.7 2.1 1.4 0.0 6.0 0.7
 
Debt service on new borrowing and
   rescheduled debt
6.0 59.1 82.7 133.6 144.0 172.5 200.6 217.6 227.8 240.9 253.8 272.9 283.2 305.5 461.9 173.3 363.0
 
Principal 1.9 19.5 11.1 10.4 15.6 39.3 64.4 79.1 87.0 97.5 107.4 122.5 128.0 145.3 272.6 53.1 188.5
    On rescheduled debt 1.9 19.5 11.1 10.4 9.5 10.1 18.0 19.3 20.7 25.5 30.5 35.6 41.5 48.5 117.3 17.5 71.2
    On new borrowing4 0.0 0.0 0.0 0.0 6.1 29.1 46.4 59.8 66.3 72.0 76.9 86.9 86.5 96.8 155.3 35.7 117.3
   Of which: private sector3,5 0.0 0.0 0.0 0.0 6.1 29.1 46.4 50.6 55.5 60.4 65.2 70.6 76.2 82.7 112.7 31.3 92.3
 
Interest 4.1 39.5 71.6 123.2 128.4 133.2 136.2 138.6 140.8 143.4 146.4 150.4 155.2 160.2 189.4 120.1 174.5
    On rescheduled debt 4.1 32.6 56.0 73.5 73.2 72.9 72.7 72.4 72.1 71.7 71.2 70.5 69.6 68.4 51.5 66.8 63.2
    On new borrowing4 0.0 6.9 15.6 49.7 55.2 60.3 63.5 66.2 68.7 71.7 75.2 79.9 85.7 91.8 137.9 53.3 111.3
   Of which: private sector3,5 0.0 5.1 13.1 45.9 50.2 53.7 55.6 56.9 58.1 59.7 62.1 65.5 70.2 75.5 119.6 46.1 94.1
 
 
Memorandum items:
   Debt after restructuring6 5,519 5,161 4,848 4,909 5,026 5,119 5,215 5,315 5,428 5,527 5,619 5,672 5,706 5,647 5,029 5,217 5,468
   NPV of debt after restructuring6 3,194 3,358 2,571 2,614 2,683 2,755 2,824 2,890 2,958 3,019 3,081 3,134 3,183 3,218 3,032.0 2,875 3,189
   NPV of debt-to-exports ratio
      after restructuring6,7
691.4 644.3 443.2 402.3 345.1 297.8 262.6 249.5 242.6 233.6 224.3 213.1 203.2 192.9 118.9 334.5 167.3
         Including private sector 847.1 804.2 630.7 577.4 496.3 426.5 374.8 354.8 344.1 331.3 318.6 304.3 291.8 279.0 177.5 539.5 270.8
   Debt service after debt relief,
      including HIPC assistance8
100 118 100 98 98 94 96 109 111 117 119 120 112 116 179 103 127
   In percent of exports of goods and
      non-factor services
20 20 15 14 10 9 8 9 9 8 8 8 7 7 7 13 7

Sources: Mozambican authorities; and Fund staff estimates and projections
1Debt service on stock of debt outstanding as of December 31, 1997. Excludes late interest on loans extended to the Cahora Bassa hydropower company in the early 1970s.
2Includes debt service on about US$3 million of oficial development assistance claims.
3Debt service not contracted or guaranteed by the government or the Bank of Mozambique. Includes amortization of loans extended in the early 1970s, and servicing of loans extended in 1995 and 1996 to the Cahora Bassa hydropower company.
4Disbursed after December 31, 1997. Includes debt service on financing gap.
5Includes servicing of new loans to the Cahora Bassa hydropower company, and debt service on loans to a prospective natural gas project and to other large projects.
6Refers to public and publicly guaranteed debt only. Incorporates the terms of the November 1996 Paris Club agreement (including with Brazil) and of a hypothetical stock-of-debt operation on Naples terms (67 percent net present value reduction) in mid-1999. Non-Paris Club official bilateral and commercial creditors are assumed to reschedule eligible debt on comparable terms. In the case of Russia, after and 80 percent up-front discount on all claims disbursed before 1992, Lyons terms are applied to pre-cut-off date debt.
7In percent of the three-year moving average of exports of goods and nonfactor services.
8Assumed debt relief includes flow rescheduling through to completion point under HIPC initiative (mid-99), followed by stock-of-debt exit rescheduling.
 

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