A core group of Mozambique's Eurobond creditors have made a restructuring proposal to the government, including extending maturities and adding instruments linked to future gas revenues, sources close to the negotiations told Reuters. Mozambique admitted in 2016 to US$1.4bn of previously undisclosed loans, many of which went on upgrading maritime and military security. The disclosure prompted the International Monetary Fund and foreign donors to cut off support, triggering a currency collapse and leading to a debt default.
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