For more information, see Republic of Mozambique and the IMF

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

Table 4. Mozambique: External Financing Requirements and Sources, 1994-2000
(In millions of U.S. dollars)
  1994 1995 1996 1997 1998
Prog.
1999
Proj.
2000
Proj.

External financing requirements 1,084.1 787.4 1,007.4 4,918.5 1,760.3 1,404.8 1,384.1
 
   Current account deficit (excl. net
      official transfers)
864.3 676.8 641.7 617.7 808.4 1,099.2 1,065.9
 
   Amortization1 315.5 277.8 213.7 212.5 293.0 287.5 375.7
   Changes in arrears (increase -) (147.3) (189.4) 64.5 3,932.7 619.3 0.0 0.0
   Changes in reserves (increase +)2 63.0 45.3 145.2 134.2 39.6 18.1 -57.4
   Errors/omissions (outflow +) (11.3) (23.2) (57.7) 21.5 0.0 0.0 0.0
 
Total identified financing 880.9 666.5 721.1 771.1 854.7 1,103.2 980.9
 
   Disbursements from existing
         and new commitments 845.9 621.5 648.6 706.7 713.4 830.2 746.3
      Grants3 564.6 339.2 282.9 354.6 344.2 372.0 359.5
      Loans 281.3 282.3 365.7 352.1 369.2 458.2 386.8
         Bilateral 24.3 17.8 1.7 0.0 0.0 0.0 0.0
         Multilateral1 257.0 216.9 287.7 262.1 262.3 198.0 154.9
            IDA 176.0 174.9 219.6 148.1 150.0 110.0 100.0
            IMF 21.0 0.0 18.3 34.7 34.2 17.1 0.0
            Other 60.0 42.0 49.7 79.3 78.1 70.9 54.9
         Private sector4 0.0 47.6 76.3 90.0 106.9 260.2 231.8
 
   Disbursements from existing
         commitments 131.3 621.5 648.6 706.7 567.4 459.6 412.0
      Grants 0.0 339.2 282.9 354.6 344.2 297.0 284.5
      Loans 131.3 282.3 365.7 352.1 223.2 162.6 127.5
         Bilateral 24.3 17.8 1.7 0.0 0.0 0.0 0.0
         Multilateral1 107.0 216.9 287.7 262.1 223.2 162.6 127.5
            IDA 101.0 174.9 219.6 148.1 150.0 110.0 100.0
            IMF 0.0 0.0 18.3 34.7 34.2 17.1 0.0
         Other 6.0 42.0 49.7 79.3 39.1 35.5 27.5
         Commercial4 0.0 47.6 76.3 90.0 0.0 0.0 0.0
   
   Disbursements from expected  
         new commitments 714.6 0.0 0.0 0.0 146.0 370.7 334.3
      Grants5 564.6 0.0 0.0 0.0 0.0 75.0 75.0
      Loans 150.0 0.0 0.0 0.0 146.0 295.7 259.3
         Bilateral 0.0 0.0 0.0 0.0 0.0 0.0 0.0
         Multilateral1 150.0 0.0 0.0 0.0 39.1 35.5 27.5
            IDA 75.0 0.0 0.0 0.0 0.0 0.0 0.0
            IMF 21.0 0.0 0.0 0.0 0.0 0.0 0.0
         Other 54.0 0.0 0.0 0.0 39.1 35.5 27.5
         Commercial4 0.0 0.0 0.0 0.0 106.9 260.2 231.8
               
   Direct foreign investment 35.0 45.0 72.5 64.4 141.3 273.0 234.7
               
Debt relief6 203.2 120.9 286.3 4,147.5 236.7 109.0 0.0
 
Remaining gap7 0.0 0.0 0.0 0.0 668.9 192.6 403.2

Sources: Mozambican authorities; World Bank; and Fund staff estimates and projections.
1Including the Fund.
2Excluding the Fund.
3Includes IDA interim assistance under the HIPC Initiative in 1999-00.
4Private sector borrowing.
5IDA interim assistance under the HIPC Initiative in 1999-00. The program assumes that the second tranche of US$75 million will be disbursed in 2000. It is now likely that this disbursement will take place in 1999 instead.
6Includes only concluded agreements; in 1996, debt relief includes $286 million in arrears and current obligations falling due to Paris Club creditors and Brazil; in 1997, 1998, and 1999, debt relief includes US$211 million, US$229 million,and US$100.6 million, respectively, in current obligations falling due to Paris Club creditors and Brazil. Some HIPC assistance is also included in 1998 (US$7.4 million) and in 1999 (US$8.4 million).
7For operational purposes only, financing gaps are assumed to be covered by a stock-of-debt operation on Naples terms on non-Paris Club bilateral debt in mid-1997, except for Russia, for which a concessionality of 90 percent in present value terms is assumed. It also assumes rescheduling of the private Cahora Bassa hydropower project debt in mid-1997, including payments equivalent to 75 percent of export proceeds, starting in 1998.
 

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