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Friday, 22 April 2016

Don’t lie to the IMF…

Don’t lie to the International Monetary Fund. Yes, we know, we have a moratorium on hard news in the Weekend Edition. But given the number of us sitting around hoping the Ismail government will sign up for an IMF facility, the Financial Times’ reasonably brief cautionary tale from Mozambique is worth considering if you’re a subscriber. The issue: The IMF has cut the country off after learning it had failed to disclose around USD 1 bn in government debt. “It is probably one of the largest cases of the provision of inaccurate data by a government the IMF has seen in an African country in recent times. They deliberately kept from us at least USD 1 bn, possibly higher, of hidden loans.”

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