Browsing: Economy

Agriculture
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Nyusi declares agriculture ‘national emergency’ in second term commitments

Filipe Nyusi has declared combating poverty through investing in agriculture a “national emergency” and pledged to devote 10% of the state budget to the sector, in a speech following his swearing in for a second term as President of Mozambique on Wednesday. Agriculture and industrialisation [...]

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Economy
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Maleiane promised to honour all ‘hidden debts’ if court would rule them legal — report

Mozambique would have converted the $535 million MAM loan into sovereign debt if any Mozambican court had deemed the government guarantee for the MAM loan legal, finance minister Adriano Maleiane told the Russian lender, VTB, in a meeting in early 2018, according [...]

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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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Economy
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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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Economy
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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

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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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