The Mozambican Government forecasts a deficit equivalent to 2,340 million euros in 2024, 10.4 percent of the Gross Domestic Product (GDP), an increase of almost 40 percent compared to what was expected for this year, which will be financed with new debt. According to the documents supporting the proposal for the Economic and Social Plan and State Budget (PESOE) for 2024, under discussion in parliament and to which Lusa had access today, the Government expects to collect in revenue next year more than 383,537 million of meticais (5,627 million euros), corresponding to 25 percent of estimated GDP and an increase of 7.5 percent compared to the budget for this year. On the State expenditure side, the budget forecast for next year is more than 542,695 million meticais (7,959 million euros), equivalent to 35.3 percent of GDP and an increase of 15 percent compared to the budget for 2023. The budget deficit predicted by the Government for next year is more than 159,488 million meticais (2,340 million euros), increasing 38.6 percent compared to the estimate for 2023, in which the predicted value is more than 115,058 million meticais (1,688 million euros). In 2022, the budget deficit was 142,059 million meticais (2,084 million euros). To finance the deficit, the Government plans to use external donations, of more than 83,342 million meticais (1,223 million euros), external debt, in the order of 29,482 million meticais (432 million euros), and internal credit , in this case in the amount of 46,333 million meticais (680 million euros). In the current year, the Government budgeted to cover the deficit 57,477 million meticais (843.1 million euros) in external donations, almost 20,933 million meticais (307 million euros) in external debt and 36,648 million meticais (536 million of euros) with the issuance of debt, in this case already 96 percent completed by the end of October. The Mozambican Government previously approved the so-called Public Debt Management Strategy 2023-2026, which guides debt options over the next few years and aims to “bring limits to debt sustainability indicators when contracting credit”. It foresees, in terms of external debt, “privileging financing in the form of donations” and “in the form of highly concessional credits for profitable projects”, while in internal debt the priority involves “privileging the issuance of bonds Long maturity treasury”.(Lusa) Source: Carta de Moçambique
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