June 13, 2016 / 3:35 PM / 3 years ago

$1.86 bln of Mozambique loans "illegal", social groups say

JOHANNESBURG, June 13 (Reuters) - A group of 26 Mozambique civil society organisations said on Monday $1.86 billion of government debt arranged by Credit Suisse and Russia’s VTB Bank was illegal and should not be paid.

In a joint statement, the organisations said the loans breached a law requiring all borrowing and guarantees longer than a year to be approved by parliament. The debt also exceeded limits in the 2013 budget and were not entered into that year’s budget, the groups said. (Reporting by Ed Cropley; Editing by James Macharia)

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