In 2013 Mozambican government officials formed three private companies and took out illegal secret loans totaling $2 billion. Donors suspended credit to Mozambique because of the loans as the national currency fell by 70% in 2016. Restructuring the illegal loans means imposed austerity on a population already living in extreme austerity and eventually repaying the creditors from revenues derived from Mozambique’s natural gas deposits that on the market in 2023.
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