Iraq has agreed to forgive eighty% of Mozambique’s bilateral debt, with the ultimate 20% restructured over 15 years, following a four-yr grace duration (2029-2043).
The original debt of $60.26 million was incurred in 1979-1980 for oil supply agreements however had grown within the interim to $320.16 million. below the agreement, $256.thirteen million has been forgiven.
Negotiations took place from 2-6 February 2025 in Abu Dhabi, regarding senior officials from Iraq’s Ministry of Finance, overseas Ministry, and primary bank, along representatives from Mozambique’s Ministry of Finance and its economic and industrial advisor in Portugal and Spain.
