Browsing: Economy

Economy EMATUM's fishing boats rusting in Maputo harbour. Photo © Timothy Haccius / Zitamar News
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Mozambique has reached a new restructure agreement with the holders of the majority its sovereign bond — bringing forward the amortisation date by two years and paying higher interest rates than the two sides agreed last November, but eliminating a [...]

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Economy Finance minister Adriano Maleiane presenting the 2018 budget to parliament, 11 December 2017.
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The Mozambican government is working to find a solution to pay civil servants’ salaries for April, which were due last week, after failing to borrow MZN 3 billion from the domestic banking system. The Ministry of [...]

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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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