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![]() ![]() ![]() ![]() ![]() ![]() In April President Chissano thanked the World Bank, International Monetary Fund, and the Paris Club for measures to reduce Mozambiques foreign debt and pledged to work on a general financial strategy called the 2020 Agenda. Mozambique also qualified for a new World Bank/IMF initiative as a Highly Indebted Poor Country (HIPC). In 1988, the Paris Club agreed to cut the debt by 80 per cent and granted U.S. $170 million in bilateral aid. The E.U. tried to mediate over the municipal election boycott and urged the opposition parties to reconsider their withdrawal. In 1988, the Paris Club agreed to cut the debt by 80 percent and granted U.S. $170 million in bilateral aid. United States
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