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"Russia's innovative move to convert debt into development funding will help feed a generation of schoolchildren in Mozambique," said WFP Executive Director David Beasley.
Diplomatic relations were formally established on 25 June 1975, soon after Mozambique gained independence from Portugal, and economic and defence relations developed further. This, however, began to change in 1984 when Mozambique joined the World Bank and the International Monetary Fund. Western aid by Sweden, Norway, Denmark and Iceland quickly replaced Soviet support.
Mozambique sits on vast gas reserves and with good governance could achieve a quantum leap in living standards of its population.
Mozambique creditors: government not bound by loan guarantees JUNE 2017
"[T]here is no basis -- in either Mozambican or English law -- for the Mozambique government to honour the purported guarantees of the Proindicus and MAM loans."
SEC investigates banks that sold Mozambique's 'tuna bond': WSJ Dec 2016
"The U.S. Securities and Exchange Commission (SEC) is investigating the sale of $850 million in bonds issued by Mozambique by Credit Suisse (CSGN.S), Russia's VTB Group (VTBR.MM) and BNP Paribas (BNPP.PA)"
archived: WFP: African refugee camps 'no longer attract global awareness' 2014
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