October 25, 2016 / 6:27 PM / 3 years ago

Mozambique tells creditors debt levels "unsustainable"

A fisherman cleans his boat beneath Maputo's skyline, in this picture taken August 15, 2015. REUTERS/Grant Lee Neuenburg

MAPUTO (Reuters) - Mozambique’s government debt levels are unsustainable and it must renegotiate repayment terms if it is to agree a new aid deal with the International Monetary Fund by early next year, the finance ministry told creditors on Tuesday.

Mozambique’s primary objective is to resume relations with the IMF in order to stabilize the economy and restore confidence among the international community, the finance ministry said in a presentation to creditors seen by Reuters.

However, IMF discussions can only resume if Mozambique is no longer in “debt distress” category, which means renegotiating deals with creditors, the presentation said.

Writing by Joe Brock; Editing by Catherine Evans

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