Latest reports from Africa Confidential

Latest reports from Africa Confidential

It is becoming clear that the cost of the Zimbabwe African National Union-Patriotic Front’s (Zanu-PF’s) July electoral victory is the loss of the financial credibility built up by Tendai Biti of the Movement for Democratic Change (MDC), who was Finance Minister in the coalition government for its past four years.

And the government of Mozambique is on a credit binge and is taking on billions of dollars’ worth of loans. Its newfound creditworthiness is based on wealth from mineral resources and on debt relief. Much of the new debt is expensive commercial credit at high rates of interest and it is being used to finance projects of doubtful utility but dear to the heart of President Armando Guebuza and Frelimo.

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