Mega gas projects will provide significant upside in the 2030s, improving economic growth and debt sustainability in the longer term. Mozambique could become a major global producer of liquefied natural gas. Risks of delayed payments on sovereign obligations will therefore remain high until production ramps up substantially. Fiscal challenges weigh on creditworthiness. Refinancing risk on LC commercial debt remains high, and FC commercial debt repayments will rise sharply from 2028. External imbalances and exchange rate misalignment pose further risks to government liquidity.