Thursday, November 17, 2016

Mozambique: Government 'Has Taken Very Important Steps' - IMF
Mozambique has taken "very important steps" in recent weeks to deal with the "hidden debts" inherited from the previous government, the Deputy Director of the Africa Department of the International Monetary Fund (IMF), David Owen, told reporters in Maputo.

Owen was speaking on 14 November after he met with Prime Minister Carlos Agostinho do Rosario.

The "hidden debts" refer to loans of over US$1.1 billion from European banks (Credit Suisse and VTB of Russia) to the quasi-public companies Proindicus and MAM (Mozambique Asset Management) that were guaranteed in 2013/14 by the government of the then President Armando Guebuza.

Owen was pleased that terms of reference for an audit of Proindicus, MAM and the Mozambique Tuna Company (Ematum) have been agreed between the Mozambican Attorney-General's Office, the IMF and the Swedish government, which is financing the audit.

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