Browsing: Economy

Economy Mozambique finance minister Adriano Maleiane testifying in parliament regarding ProIndicus, EMATUM, and MAM, 18 May 2016
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The Mozambique government intends to disregard the sovereign guarantee it signed on the $622 million loan for offshore security company ProIndicus, and let it go bankrupt - but has reached an agreement in principle to restructure a similar loan made to ProIndicus’ sister company MAM, the [...]

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Economy The World Bank headquarters in Washington, DC
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The finance ministers of Mozambique, Zimbabwe, and Malawi will outline their countries’ needs in the wake of Cyclone Idai at a round-table meeting hosted by the World Bank in Washington, DC, later today, attended by the UK government’s minister of [...]

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Economy Some of the patrol boats bought by EMATUM or ProIndicus. Photo © Tom Bowker  / Zitamar News
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Mozambique is calling for a British court to rule the guarantee granted by the Ministry of Finance to the offshore security company ProIndicus illegal, the office of the Prosecutor-General (PGR) said on Friday. The country also wants to be compensated, with interest, for all losses it has [...]

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Economy Prime Minister Carlos Agostinho do Rosário and Deputy Finance Minister Maria Isaltina Lucas at a briefing on 1 March 2017. Photo © Alexandre Nhampossa  / Zitamar News
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A criminal indictment in the US over Mozambique’s $2.2 billion hidden debt scandal will affect negotiations between the Mozambican government and the holders of the loans that financed the deals, Prime Minister Carlos Agostinho do Rosário said yesterday. The [...]

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Economy The offices of Mozambique's Prosecutor-General, the PGR, in Maputo. Photo © Tom Bowker / Zitamar News
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Mozambique’s Prosecutor-General (PGR) today accused the United States of failing to cooperate with the Mozambican investigation into the $2.2 billion ‘hidden debts’ scandal which it opened in 2015, saying its investigation is in part dependent on help from the US [...]

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Economy Prime Minister Carlos Agostinho do Rosario and Finance Minister Adriano Maleiane in parliament on 3 May 2017.
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Mozambique should only pay sovereign bondholders $369 million of a potential $500m gas-linked bonus, the country’s finance minister told parliament last week - but his calculations only make sense if ExxonMobil’s planned LNG project does not go [...]

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