The IESE12 note raises an important issue regarding the Global Cash Balance. CIP supports IESE's investigations and is fully in agreement with the Institute's statement when it says: “However, the more we delve into the matter, the more convinced we are that the analysis of taxation and public indebtedness in Mozambique will hardly be understood , as an issue endogenous to the national finances and economy, if we do not pay due attention to the complex interdependence between the budget deficit, the rolling balances and the growing recourse to external and internal financing.
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