Table 3. Mozambique: Medium- and Long-Term External Debt Service, 1997-2017 (In millions of U.S. dollars)
	Projections														Outer year			Averages
	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009		2010	2017		1998-07	2008-17
Total debt service	357.9	467.6	488.4	612.6	609.1	616.1	632.4	593.4	550.0	446.2	439.6	444.4	442.6	469.4	646.6	545.5	540.9
Principal	212.5	293.0	287.5	375.7	381.3	398.3	426.6	399.6	365.8	267.6	262.3	266.3	262.3	286.2	449.0	345.8	348.7
Interest	145.5	174.6	201.0	236.9	227.8	217.7	205.8	193.8	184.2	178.6	177.3	178.1	180.4	183.2	197.6	199.8	192.2
Scheduled debt service1	351.9	408.6	405.7	479.1	465.1	443.6	431.8	375.8	322.2	205.3	185.8	171.5	159.4	163.9	184.7	372.3	177.8
Principal	210.6	273.4	276.3	365.3	365.7	359.1	362.2	320.6	278.7	170.1	154.9	143.7	134.3	140.9	176.4	292.6	160.1
Multilateral	31.5	44.6	50.5	54.0	51.2	47.0	45.8	44.2	44.1	42.8	38.6	35.8	33.5	35.9	48.5	46.3	41.4
Of which: IDA	1.5	3.1	5.3	8.3	9.0	11.2	14.0	16.7	19.8	20.4	21.7	24.0	25.7	28.6	39.7	13.0	32.9
AfDB/AfDF	8.6	9.0	8.5	8.5	8.1	7.4	7.5	6.6	5.3	5.0	5.1	5.1	5.2	5.7	7.7	7.1	6.6
IMF	15.1	24.5	31.0	30.4	28.9	23.5	20.3	15.9	13.9	12.1	6.9	1.8	0.0	0.0	0.0	20.7	0.2
Bilateral	158.1	178.3	160.2	253.7	258.2	260.2	262.3	221.5	179.0	68.0	53.2	40.8	29.5	29.4	20.4	189.5	32.1
Paris Club (excl. Russia and Brazil)	56.7	62.4	81.4	171.5	173.8	173.4	172.5	165.7	159.7	62.2	49.0	36.7	25.9	27.6	20.4	127.2	30.9
Post-cutoff date	12.3	9.9	11.2	11.8	13.6	12.5	10.8	9.1	8.8	8.1	7.6	6.7	6.1	5.9	3.3	10.3	4.4
Pre-cutoff date	44.4	52.5	70.2	159.7	160.2	160.9	161.7	156.6	151.0	54.1	41.4	30.0	19.8	21.7	17.1	116.8	26.5
Of which: previously rescheduled              on Toronto terms	1.1	1.1	1.1	104.2	104.2	104.2	104.2	104.2	103.7	5.3	5.3	5.3	5.3	5.3	0.0	63.8	4.8
Of which: previously rescheduled              on London terms2	3.3	3.5	10.0	16.7	17.3	18.0	18.8	13.6	8.6	10.1	11.4	12.8	14.0	15.9	17.0	12.8	20.2
Russia	62.6	57.8	11.3	7.7	5.2	2.8	1.1	0.4	0.2	0.2	0.2	0.2	0.2	0.0	0.0	8.7	0.0
Brazil	22.8	26.9	32.6	37.5	40.7	44.0	47.3	24.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	25.3	0.0
Other official	3.3	16.9	17.9	17.7	17.8	17.8	17.8	17.8	17.2	3.7	2.1	2.0	1.4	0.4	0.0	14.7	0.4
Commercial	12.7	14.3	17.0	19.2	20.7	22.2	23.7	13.2	2.0	2.0	2.0	2.0	2.0	1.4	0.0	13.6	0.7
Private sector3	21.0	50.5	65.6	57.7	56.4	51.9	54.2	54.9	55.6	59.3	63.1	67.1	71.3	75.6	107.5	56.9	86.6
Interest	141.3	135.1	129.4	113.8	99.4	84.5	69.6	55.2	43.4	35.2	30.9	27.7	25.1	22.9	8.2	79.7	17.7
Multilateral	18.0	18.0	19.7	13.4	12.6	11.7	11.0	10.5	9.9	9.5	9.0	8.7	8.3	8.1	5.8	12.5	7.3
Of which: IDA	8.1	7.6	10.2	7.5	7.5	7.4	7.3	7.2	7.1	6.9	6.8	6.6	6.4	6.2	4.4	7.5	5.6
AfDB/AfDF	6.1	6.3	6.6	4.1	3.5	3.0	2.7	2.3	2.1	1.9	1.8	1.7	1.6	1.6	1.2	3.4	1.5
IMF	1.0	0.9	0.8	0.7	0.5	0.4	0.3	0.3	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.4	0.0
Bilateral	116.2	109.1	102.1	92.9	79.7	66.3	52.7	39.5	29.0	21.7	18.5	16.4	14.7	13.4	2.5	61.2	9.7
Paris Club (excl. Russia and Brazil)	82.9	79.2	76.0	70.9	62.2	53.5	44.7	36.2	28.0	21.2	18.1	16.1	14.5	13.3	2.5	49.0	9.6
Post-cutoff date	5.8	4.4	3.9	3.4	2.9	2.5	2.1	1.8	1.6	1.3	1.1	0.9	0.8	0.7	0.2	2.5	0.5
Pre-cutoff date	77.1	74.7	72.1	67.5	59.3	51.0	42.6	34.4	26.4	19.9	17.0	15.1	13.8	12.7	2.3	46.5	9.1
Of which:previously rescheduled                on Toronto terms	35.5	35.4	35.3	34.0	28.9	23.8	18.7	13.6	8.5	4.6	4.1	3.7	3.3	2.9	0.0	20.7	1.8
Of which: previously rescheduled                on London terms2	17.0	17.0	16.8	16.2	15.4	14.5	13.5	12.6	12.1	11.7	11.3	10.8	10.3	9.6	2.3	14.1	7.1
Russia	2.1	1.3	0.8	0.5	0.2	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0
Brazil	17.7	16.1	14.3	12.1	9.6	6.8	3.9	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.4	0.0
Other official	4.5	4.3	3.7	3.2	2.7	2.2	1.6	1.1	0.6	0.2	0.1	0.1	0.0	0.0	0.0	2.0	0.0
Commercial	9.0	8.2	7.3	6.2	5.0	3.7	2.3	1.0	0.4	0.3	0.3	0.2	0.2	0.1	0.0	3.5	0.1
Private sector3	7.1	8.0	7.6	7.5	7.1	6.5	5.8	5.2	4.6	4.0	3.3	2.7	2.1	1.4	0.0	6.0	0.7
Debt service on new borrowing and    rescheduled debt	6.0	59.1	82.7	133.6	144.0	172.5	200.6	217.6	227.8	240.9	253.8	272.9	283.2	305.5	461.9	173.3	363.0
Principal	1.9	19.5	11.1	10.4	15.6	39.3	64.4	79.1	87.0	97.5	107.4	122.5	128.0	145.3	272.6	53.1	188.5
On rescheduled debt	1.9	19.5	11.1	10.4	9.5	10.1	18.0	19.3	20.7	25.5	30.5	35.6	41.5	48.5	117.3	17.5	71.2
On new borrowing4	0.0	0.0	0.0	0.0	6.1	29.1	46.4	59.8	66.3	72.0	76.9	86.9	86.5	96.8	155.3	35.7	117.3
Of which: private sector3,5	0.0	0.0	0.0	0.0	6.1	29.1	46.4	50.6	55.5	60.4	65.2	70.6	76.2	82.7	112.7	31.3	92.3
Interest	4.1	39.5	71.6	123.2	128.4	133.2	136.2	138.6	140.8	143.4	146.4	150.4	155.2	160.2	189.4	120.1	174.5
On rescheduled debt	4.1	32.6	56.0	73.5	73.2	72.9	72.7	72.4	72.1	71.7	71.2	70.5	69.6	68.4	51.5	66.8	63.2
On new borrowing4	0.0	6.9	15.6	49.7	55.2	60.3	63.5	66.2	68.7	71.7	75.2	79.9	85.7	91.8	137.9	53.3	111.3
Of which: private sector3,5	0.0	5.1	13.1	45.9	50.2	53.7	55.6	56.9	58.1	59.7	62.1	65.5	70.2	75.5	119.6	46.1	94.1
Memorandum items:
Debt after restructuring6	5,519	5,161	4,848	4,909	5,026	5,119	5,215	5,315	5,428	5,527	5,619	5,672	5,706	5,647	5,029	5,217	5,468
NPV of debt after restructuring6	3,194	3,358	2,571	2,614	2,683	2,755	2,824	2,890	2,958	3,019	3,081	3,134	3,183	3,218	3,032.0	2,875	3,189
NPV of debt-to-exports ratio       after restructuring6,7	691.4	644.3	443.2	402.3	345.1	297.8	262.6	249.5	242.6	233.6	224.3	213.1	203.2	192.9	118.9	334.5	167.3
Including private sector	847.1	804.2	630.7	577.4	496.3	426.5	374.8	354.8	344.1	331.3	318.6	304.3	291.8	279.0	177.5	539.5	270.8
Debt service after debt relief,       including HIPC assistance8	100	118	100	98	98	94	96	109	111	117	119	120	112	116	179	103	127
In percent of exports of goods and       non-factor services	20	20	15	14	10	9	8	9	9	8	8	8	7	7	7	13	7
Sources: Mozambican authorities; and Fund staff estimates and projections 1Debt service on stock of debt outstanding as of December 31, 1997. Excludes late interest on loans extended to the Cahora Bassa hydropower company in the early 1970s. 2Includes debt service on about US$3 million of oficial development assistance claims. 3Debt service not contracted or guaranteed by the government or the Bank of Mozambique. Includes amortization of loans extended in the early 1970s, and servicing of loans extended in 1995 and 1996 to the Cahora Bassa hydropower company. 4Disbursed after December 31, 1997. Includes debt service on financing gap. 5Includes servicing of new loans to the Cahora Bassa hydropower company, and debt service on loans to a prospective natural gas project and to other large projects. 6Refers to public and publicly guaranteed debt only. Incorporates the terms of the November 1996 Paris Club agreement (including with Brazil) and of a hypothetical stock-of-debt operation on Naples terms (67 percent net present value reduction) in mid-1999. Non-Paris Club official bilateral and commercial creditors are assumed to reschedule eligible debt on comparable terms. In the case of Russia, after and 80 percent up-front discount on all claims disbursed before 1992, Lyons terms are applied to pre-cut-off date debt. 7In percent of the three-year moving average of exports of goods and nonfactor services. 8Assumed debt relief includes flow rescheduling through to completion point under HIPC initiative (mid-99), followed by stock-of-debt exit rescheduling.