Table 4. Mozambique: External Financing Requirements and Sources, 1994-2000 (In millions of U.S. dollars)
	1994	1995	1996	1997	1998 Prog.	1999 Proj.	2000 Proj.
External financing requirements	1,084.1	787.4	1,007.4	4,918.5	1,760.3	1,404.8	1,384.1
Current account deficit (excl. net       official transfers)	864.3	676.8	641.7	617.7	808.4	1,099.2	1,065.9
Amortization1	315.5	277.8	213.7	212.5	293.0	287.5	375.7
Changes in arrears (increase -)	(147.3)	(189.4)	64.5	3,932.7	619.3	0.0	0.0
Changes in reserves (increase +)2	63.0	45.3	145.2	134.2	39.6	18.1	-57.4
Errors/omissions (outflow +)	(11.3)	(23.2)	(57.7)	21.5	0.0	0.0	0.0
Total identified financing	880.9	666.5	721.1	771.1	854.7	1,103.2	980.9
Disbursements from existing
and new commitments	845.9	621.5	648.6	706.7	713.4	830.2	746.3
Grants3	564.6	339.2	282.9	354.6	344.2	372.0	359.5
Loans	281.3	282.3	365.7	352.1	369.2	458.2	386.8
Bilateral	24.3	17.8	1.7	0.0	0.0	0.0	0.0
Multilateral1	257.0	216.9	287.7	262.1	262.3	198.0	154.9
IDA	176.0	174.9	219.6	148.1	150.0	110.0	100.0
IMF	21.0	0.0	18.3	34.7	34.2	17.1	0.0
Other	60.0	42.0	49.7	79.3	78.1	70.9	54.9
Private sector4	0.0	47.6	76.3	90.0	106.9	260.2	231.8
Disbursements from existing
commitments	131.3	621.5	648.6	706.7	567.4	459.6	412.0
Grants	0.0	339.2	282.9	354.6	344.2	297.0	284.5
Loans	131.3	282.3	365.7	352.1	223.2	162.6	127.5
Bilateral	24.3	17.8	1.7	0.0	0.0	0.0	0.0
Multilateral1	107.0	216.9	287.7	262.1	223.2	162.6	127.5
IDA	101.0	174.9	219.6	148.1	150.0	110.0	100.0
IMF	0.0	0.0	18.3	34.7	34.2	17.1	0.0
Other	6.0	42.0	49.7	79.3	39.1	35.5	27.5
Commercial4	0.0	47.6	76.3	90.0	0.0	0.0	0.0
Disbursements from expected
new commitments	714.6	0.0	0.0	0.0	146.0	370.7	334.3
Grants5	564.6	0.0	0.0	0.0	0.0	75.0	75.0
Loans	150.0	0.0	0.0	0.0	146.0	295.7	259.3
Bilateral	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Multilateral1	150.0	0.0	0.0	0.0	39.1	35.5	27.5
IDA	75.0	0.0	0.0	0.0	0.0	0.0	0.0
IMF	21.0	0.0	0.0	0.0	0.0	0.0	0.0
Other	54.0	0.0	0.0	0.0	39.1	35.5	27.5
Commercial4	0.0	0.0	0.0	0.0	106.9	260.2	231.8
Direct foreign investment	35.0	45.0	72.5	64.4	141.3	273.0	234.7
Debt relief6	203.2	120.9	286.3	4,147.5	236.7	109.0	0.0
Remaining gap7	0.0	0.0	0.0	0.0	668.9	192.6	403.2
Sources: Mozambican authorities; World Bank; and Fund staff estimates and projections. 1Including the Fund. 2Excluding the Fund. 3Includes IDA interim assistance under the HIPC Initiative in 1999-00. 4Private sector borrowing. 5IDA interim assistance under the HIPC Initiative in 1999-00. The program assumes that the second tranche of US$75 million will be disbursed in 2000. It is now likely that this disbursement will take place in 1999 instead. 6Includes only concluded agreements; in 1996, debt relief includes $286 million in arrears and current obligations falling due to Paris Club creditors and Brazil; in 1997, 1998, and 1999, debt relief includes US$211 million, US$229 million,and US$100.6 million, respectively, in current obligations falling due to Paris Club creditors and Brazil. Some HIPC assistance is also included in 1998 (US$7.4 million) and in 1999 (US$8.4 million). 7For operational purposes only, financing gaps are assumed to be covered by a stock-of-debt operation on Naples terms on non-Paris Club bilateral debt in mid-1997, except for Russia, for which a concessionality of 90 percent in present value terms is assumed. It also assumes rescheduling of the private Cahora Bassa hydropower project debt in mid-1997, including payments equivalent to 75 percent of export proceeds, starting in 1998.