12 °c
London
Sunday, February 5, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Bloomberg: Mozambique MPs Back State Guarantees for Previously Hidden Debt

FurtherAfrica by FurtherAfrica
April 27, 2017
in Africa, Aid, Banking, Currency, Donors, Economy, Finance, Government, Mozambique
Reading Time: 2 mins read
1.1k 23
0
Mozambique’s economy grows 5.3 pct in 1st quarter of 2016
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Mozambique’s parliament ratified a law that provides state guarantees for previously hidden loans of two state-owned companies that sparked a debt crisis in one of the world’s poorest countries.

Lawmakers from the ruling Front for the Liberation of Mozambique approved the state accounts for 2015, which included guarantees for loans worth $1.12 billion that ProIndicus and Mozambique Asset Management took out in the prior two years. Opposition members left the legislature in protest when the vote was taken late Wednesday. The approval means the loans are now legal, in spite of a previous ruling by the country’s administrative court that they violated Mozambican budget law.

The International Monetary Fund and donors halted aid to the southern African nation when the loans were uncovered a year ago. The government in October told its commercial external creditors, whose debt includes another loan converted into a $727 million Eurobond earlier in 2016, it couldn’t afford to service the facilities and needed to restructure them.

A group of Eurobond holders has so far resisted starting negotiations with the government until an audit into the loans is published. Kroll Inc. is undertaking the probe that’s due for completion May 12, after the deadline for the report was extended three times by the government. They also demand to see outlines of a new IMF economic program as another condition.

ProIndicus and MAM have both failed to make payments on their loans.

The Eurobonds due 2023 fell by 1 percent to 71.46 cents to the dollar by 12:06 p.m. in London, the lowest since April 19.

Source: Bloomberg

Related

Tags: debt crisisDonorsEMATUMEurobondFrelimoHidden LoansIMFInternational Monetary FundkrollMAMmeticalMozambiqueProIndicusTuna Bondモザンビーク莫桑比克
ScanSendShare453Tweet283Share79Pin102Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Fintech

Proof of Reserve saves Africa’s crypto Industry from fake blockchain companies

by Web3Africa
February 5, 2023
Travel

Is travelling to Zimbabwe expensive? The truth

by See Africa Today
February 5, 2023
Insight – The rise of Women entrepreneur in Africa
Finance

AfDB provided US$1B to African women entrepreneurs

by FurtherAfrica
February 5, 2023
Travel

Untapped low budget tourist attractions in Nigeria

by See Africa Today
February 4, 2023
Tech

Heifer selects ThriveAgric DigiCow and Brastorne as winners of AYuTe Africa Challenge

by FurtherAfrica
February 4, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Fintech

Proof of Reserve saves Africa’s crypto Industry from fake blockchain companies

by Web3Africa
February 5, 2023
0

Third-party auditors conduct crypto audits in blockchain or proof of reserve audits, creating a snapshot of all the company's balances...

Read more

Is travelling to Zimbabwe expensive? The truth

February 5, 2023
Insight – The rise of Women entrepreneur in Africa

AfDB provided US$1B to African women entrepreneurs

February 5, 2023

Untapped low budget tourist attractions in Nigeria

February 4, 2023

Heifer selects ThriveAgric DigiCow and Brastorne as winners of AYuTe Africa Challenge

February 4, 2023

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 100,777 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?