Browsing: Economy

Economy
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Mozambique completes bond restructure as corruption allegations worsen

The restructure of Mozambique’s sovereign bond concluded today — just days after allegations emerged that Mozambique’s ruling party, Frelimo, received $10 million from Privinvest, the company which received the ‘hidden debts’ proceeds that Mozambique is now struggling to repay. Tomorrow, [...]

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Economy
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Hiding debts from IMF made Maleiane vulnerable to creditors, Pearse tells court

Finance minister’s decision to hide debts from the IMF weakened the country’s position vis-a-vis EMATUM bondholders, disgraced banker says Mozambique finance minister Adriano Maleiane’s failure to disclose the ProIndicus and MAM loans to the IMF in 2015 was seen as a weakness that [...]

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Mozambique aims to close Mauritius tax loophole for extractive companies

Mozambique’s tax authorities are attempting to insert a new clause into the country’s taxation treaty with Mauritius to prevent mining and oil and gas companies from using the African island nation as a way to avoid Mozambican taxes.

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Economy
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IMOPETRO ‘was warned’ over failed fuel importer 

Industry players warned IMOPETRO, the company managing Mozambique’s fuel imports, of the dangers of awarding an import tender to unknown company Finergy, which has since failed to honour its import commitments, Zitamar News has learned. Finergy Petroleum, a secretive company [...]

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Mozambique calls on creditors to accept eurobond restructure by 6 September

Participating creditors will be required to confirm ‘bona fides’ with respect to ProIndicus, EMATUM and MAM transactions The Mozambique finance ministry today launched its formal call for investors in its dollar-denominated sovereign bond to accept the
Economy
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Mozambique in Eurobond dilemma after ‘binding’ ruling voids EMATUM deal

Mozambique’s government says it is seeking legal advice on the implications of restructuring a sovereign Eurobond that it sold in 2016 to refinance a loan for tuna fishing and offshore security company EMATUM, after the Constitutional Council ruled the [...]

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Economy
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BM interest rate cut brings policy into top end of IMF’s ‘normal’ range

The Bank of Mozambique (BM) this week took another step toward ‘normalising’ monetary policy in the country, cutting its policy interest rate for the first time this year to bring it down to the top end of a range that IMF economists say would be [...]

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Economy
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Gas hook taken out of Mozambique tuna bond

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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