$1.86 bln of Mozambique loans by Credit Suisse and Russia's VTB Bank illegal, social groups say

Published 13.06.2016 19:13
Updated 13.06.2016 19:20

A group of 26 Mozambique civil society organizations 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 organizations 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.

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