Intelligent news from Mozambique

Zitamar Daily Briefing, 26 October 2017

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Welcome to Zitamar’s daily Mozambique briefing for 26 October 2017.

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The latest from Zitamar News:

Bondholders call on Mozambique to abandon ‘unworkable’ default position
Holders of Mozambique’s dollar-denominated sovereign bond have repeated their call for the government to repudiate the irregular guarantees granted to the MAM and ProIndicus debts – and pay the bondholders instead.

Pathfinder Minerals appeal dismissed by Mozambique Supreme Court
A setback for the London-listed company in its long-running dispute with General Jacinto Veloso.

The best of the rest:

Frelimo, Renamo, and MDM prepare for Nampula by-election (O País, MediaFax, Radio Moçambique)
The leaders of Renamo and the MDM have both claimed their party will win the by-election for the mayor of Nampula, which should take place in the coming weeks. For its part, Frelimo says it must win to ‘restore order’ in the city. None of the parties has yet named a candidate.
Casting itself as a ‘safe pair of hands’ is probably the right strategy for Frelimo in a city which has been traumatised by the murder of its mayor, and the chaotic and probably illegal handling of the subsequent power vacuum by his MDM colleagues. Renamo has never won Nampula before but will fancy its chances in the city where Afonso Dhlakama relocated ahead of 2014’s national elections. It will be a fascinating taster of the nationwide municipal elections due in October 2018.

Nyusi could announce new heads of police and the military today (CanalMoz)
President Filipe Nyusi could announce the new military chief of staff and chief of police today, after meeting with the National Council for Defence and Security to analyse the proposals of three generals nominated by the Ministry of the Interior, and three nominated by the Ministry of Defence.
It has transpired that the military chief of staff and the head of SISE, who were both put out to pasture this week, were suffering from ill health. Nyusi’s decision to immediately move the chief of police to head up SISE tells us something about the relative importance of the two institutions in the mind of the head of state – especially as the police is also without a second-in-command for at the moment.

Mozambique’s petroleum regulator needs great independence (CIP)
Transparency NGO CIP has called on the government to give greater independence and wider-reaching powers to Mozambique’s petroleum regulator, INP. “The INP ends up playing more a consulting and technical advisory role, both for MIREME and for the Council of Ministers,” rather than preventing, detecting or prosecuting illicit or bad practices in the oil sector, the report writes.
Many of the suggestions put forward by CIP – such as the proposal that INP reports to Parliament, rather than MIREME – are good ideas. However, even if CIP had its full wish list of changes granted it wouldn’t address one of the main challenges the regulator faces: the need for more experienced staff. Redefining the regulator’s role is the first – and easy – step; ensuring it has the resources to actually carry it out is more challenging.

Companies’ debts to INSS top a billion meticais (AIM)
Mozambican companies have accumulated over a billion meticais of arrears to public national insurance system INSS, according to labour minister Vitória Diogo. 24,266 companies are behind on their payments, putting the total debt at 1.2 billion meticais.

Millions of ecologically disastrous pellets on their way to Mozambique (TimesLive)
Tens of millions of plastic pellets, known as nurdles, that fell into the sea after a storm off the coast of KwaZulu-Natal two weeks ago should soon reach Mozambique. The pellet spill is an “ecological disaster” according to Caroline Reid‚ secretary of the KZN Marine Waste Network, saying: “The worn-down microfragments block filter feeders and clog respiratory gills. They look just like fish eggs‚ which impacts birds as well as marine animals.”

Extreme weather moving northward
Meteorological institute INAM is warning of heavy rains, wind and storms in much of the country – stretching from Inhambane province in the south, to Niassa in the north, over the next 24 hours – along with a heatwave of up to 44°C.

Agenda

  • Today: Bank of Mozambique to announce its latest monetary policy decision at 17:00

© 2017, Zitamar Ltd. Reproduction and dissemination prohibited without written permission.

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