$1.86 bln of Mozambique loans by Credit Suisse and Russia's VTB Bank illegal, social groups say
by
JOHANNESBURGJun 13, 2016 - 12:00 am GMT+3
by
Jun 13, 2016 12:00 am
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.
About the author
Research Associate at Center for Islam and Global Affairs (CIGA) at Istanbul Sabahattin Zaim University
Keep up to date with what’s happening in Turkey,
it’s region and the world.
You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.