Mozambique has hired American finance and assets management consultant Lazard to assess its external debt after finding $1.35 billion hid from international finance institutions, the Ministry of Finance announced on July 18.

The international law firm White & Case LLP was also picked to act as the government’s legal consultant in the same case.

On April 15, 2016, the International Monetary Fund (IMF) cancelled an expert mission which was to visit Maputo to assess public accounts and green-light issuance of part of a loan, this after discovering that loans contracted by Public companies from Credit Suisse and Russian group TB Bank had not been officially declared.

These State-guaranteed loans contracted in 2013 and 2014 which were used to finance military ships and port installations destined to protecting strategic infrastructures, propelled the country’s public debt to 86%. After the veil was lifted on the loans, the ratings agency Moody’s lowered Mozambique’s sovereign rating from “Caa1” to “Caa3”, indicating a strong risk probability.