(Adds details on IMF loan)
WASHINGTON, April 15 Mozambique's government has
borrowed $1 billion more than it previously disclosed, the
International Monetary Fund said on Friday, adding that the
discovery diminished its view of the African nation's economic
Antoinette Sayeh, the IMF's Africa director, told a news
conference that the additional funds appeared to have been
borrowed from Credit Suisse and Russia's VTB Bank and allocated
to Mozambique's defense and security sector.
The IMF last year agreed to loan Mozambique $286 million to
help cushion its economy following deep declines in commodity
prices and the value of the metical, Mozambique's currency.
"The undisclosed borrowing exceeds $1 billion and
significantly changes our assessment of Mozambique's
macroeconomic outlook," Sayeh said.
Earlier this month, the Wall Street Journal reported that
Mozambique had borrowed hundreds of millions of dollars for a
state-owned company's tuna fishing fleet, but that the funds
were diverted to buy military speed boats.
The IMF expects to receive more details on the matter from
Mozambique's government soon, Sayeh said.
(Reporting by David Lawder; Editing by Paul Simao)