Portugal grants moratorium to Cape Verde and São Tomé and Príncipe on direct loans

The adoption of this measure of suspension of the payment of principal and interest will determine a negotiation, until September, of moratorium agreements with these two African countries with Portuguese as an official language, and the establishment of a new plan and conditions for loans, the Government says.

Augusto Santos Silva | Cristina Bernardo

The Portuguese government has granted a moratorium on payments due until 31 December 2020, relating to direct loans granted to the Republic of Cape Verde and the Republic of São Tomé and Príncipe, following requests submitted by these countries, says the Government in a statement Ministry of Finance and Ministry of Foreign Affairs.

"The adoption of this measure to suspend the payment of principal and interest will determine the negotiation, until next September, of moratorium agreements with these two African countries with Portuguese as an official language, and the establishment of a new plan and conditions for loans", explains the Government.

This is an “extraordinary authorization from the Portuguese Government” and “integrates the framework of measures to mitigate the economic, social and health impacts caused by the pandemic of Covid-19, and responds to the challenge launched by the Paris Club and the G20, to all official and private bilateral creditors, for a worldwide mobilization in support of the least developed countries, through the “Debt Service Suspension Initiative”, concludes the Executive.

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