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Mozambique lawmakers approve revised budget

By Olivia Kumwenda-Mtambo
Posted on Wednesday, 27 July 2016 10:48

AIM news agency said the amended budget stood at 243 billion meticais ($3.63 billion), down by 3 billion meticais from the original budget passed in December.

The amended budget presented in parliament by Finance Minister Adriano Maleiane on Monday showed a deficit rising to 11.3 percent of GDP from a previous 10.2 percent due to increased borrowing and a weaker currency.

Mozambique, one of the world’s poorest countries but with huge untapped gas reserves, has been thrown into economic turmoil by revelations of financial mismanagement.

These include an $850 million Eurobond issued in 2013 to finance a tuna-fishing fleet. It later emerged that $500 million of it was actually spent on defence equipment and has since been reallocated to the defence budget.

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