World Bank Says Mozambique Overruns Pose a $50 Billion Risk

The World Bank warned that Mozambique’s current economic trajectory puts $50 billion in gas projects at risk, one of the starkest warnings yet on the nation’s persistent debt-fueled overspending.

The public wage bill and debt servicing consumed 87% of tax revenue last year, the Washington-based lender said in a report published on Tuesday, leaving little for anything else. At the same time, poverty levels are growing in a nation that already ranks as the world’s second-poorest, it cautioned.