Iraq has forgiven $256 million in oil debt that Mozambique has owed it for decades. Mozambique had owed Iraq a total of $320.2 million and will pay the remaining $64 million balance over 15 years starting in 2029, the ministry said in a statement on Tuesday. [Photo: Ministry of Finance of Mozambique]
Mozambique has secured forgiveness of 80% of its total debt with the Republic of Iraq, and payment of the remaining 20% has been rescheduled for a period of 15 years preceded by a grace period of four years, which means that it has been rescheduled for the time period from 2029 to 2043.
The debt, for the…
