The Hidden Debt Scandal of Mozambique

In 2013, the Mozambique government initiated a fishing endeavor to capitalize on its tuna-rich waters, borrowing $850 million to purchase a fleet of fishing boats. However, this venture was a façade for mismanagement and corruption, as state officials were more interested in acquiring loans without accountability. The scandal escalated when it was revealed that the government had secretly borrowed over a billion dollars, leading to widespread public outrage and economic collapse. This event, known as the hidden debt scandal or the tuna bond scandal, serves as a cautionary tale about the dangers of government debt concealed from the public eye.