Secret security debts devastate economy

As officials count the rising cost of the hidden debts, President Nyusi faces awkward questions from investors and donors. As Mozambique's mountain of dubious debts tops US$2 billion, there are growing calls for a forensic audit and an international police probe into the officials and entities involved in this massive fraud. The deals and loans arranged under President Armando Guebuza, and largely kept secret under his successor Filipe Nyusi, mean that Mozambicans now face the prospect of penury under the yoke of debt repayments on an epic scale. The role of the banks involved in the deals, whose terms were far above market rates, is also attracting regulatory interest and criticism.