🇲🇿 Mozambique

Public Sector Debt · 2026

Total Debt

105.4%

of GDP

Global Rank

#25

of 192

S&P Rating

CCC+

Credit rating

SOE Debt

+5.5%

4 categories

Where the Debt Sits

Central Government

Central Government: 99.9%Energy SOEs: 0.7%Infrastructure: 0.8%Other: 3.4%Public Corps: 0.6%

Full Debt Breakdown

Central Government99.9% of GDP

Central GovernmentIMF WEO — General Government Debt

99.9%

Other3.4% of GDP

Hidden debt (Ematum/ProIndicus/MAM)IMF Mozambique ECF Third Review 2024→Original $2.2B (12% GDP in 2014). Contingent liability revised to 3.4% GDP after Proindicus settlement ($522M principal, Oct 2023). June 2024 settlement: $648M principal for $220M payment (1% GDP).

3.4%

Energy SOEs0.7% of GDP

EDM (Electricidade de Moçambique)Club of Mozambique; Africa Energy Portal→Owes suppliers ~$150M. Owes HCB 8B meticais. Sells electricity below cost. Part of 39.97B meticais total SOE internal debt.

0.7%

Infrastructure SOEs0.8% of GDP

CFM (Caminhos de Ferro de Moçambique)Club of Mozambique 2024→Railways & ports operator. 32.97% of all SOE internal debt at end-Sept 2023. Largest SOE debtor.

0.8%

Public Corporations0.6% of GDP

LAM (Linhas Aéreas de Moçambique)Club of Mozambique 2024→Total indebtedness >13B meticais. 27.22% of SOE internal debt. Operating loss 2.6B meticais in 2023. Leasing/maintenance/fuel = 84% of revenues. 91% transferred to HCB/CFM/EMOSE in 2025.

0.6%

Total Corporate Debt16.1% of GDP

NF corporate debt (est.)WB WDI 2020

16.1%

Household Debt8.7% of GDP

Household debt (est.)WB WDI 2020

8.7%

All Layers Total130.2%