The Government is implementing measures for financial, operational, human resources management and corporate governance restructuring, aiming at reducing the debts of the state business sector and improving its operational performance. The Prime Minister, Adriano Maleiane, said today in Parliament, that the purpose of the Executive is to make the companies viable and profitable. "These actions...
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EDM has over USD 100 million in the hands of major clients
The Director of electrification and projects of Electricidade de Moçambique (EDM), Joaquim Ou-Chim, confirmed Tuesday that the Mozambican state and its companies and private companies owe US$98.4 million in unpaid energy bills last year alone. The official was speaking during the visit of the Parliament's Planning and Budget Committee,...
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Government reiterates appeal for the regularization of debts to INSS
The government continues to push companies in debt of contributions to regularize their situation, under the decree that establishes the forgiveness of fines and reduction of interest on arrears of taxpayers of the mandatory social security system. Approved by the Council of Ministers in May 2021, with a duration of one year,...
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LAM plunges into debt and, without its own fleet, will lease another aircraft
The Mozambique Airlines company (LAM) has an accumulated debt of about seven billion meticais, putting it in an imminent situation of bankruptcy. Currently, the national flag carrier operates with a fleet of leased aircraft. The company's operations are not generating dividends, so it will, until mid...
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February 19, 2022February 18, 2022Economy
Filipe Nyusi asks for forgiveness of creditors' debts to African countries
The President of the Republic, Filipe Nyusi, calls for the forgiveness of debts of creditors to African countries, in order to ease the recovery of economies, affected by the pandemic of the new coronavirus. Speaking this Thursday in Brussels at a meeting of some African leaders with the European Corporate Council for Africa and the Middle East, the Mozambican statesman justified the...
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Mozambique owes nearly USD 2 billion to the IMF and WB
Mozambique closed the year 2021 with a debt of two billion dollars with the International Monetary Fund (IMF) and the World Bank (WB) according to a report by the banking institutions. The WB - the institution that lent the most in 2021 - has been increasing the amount of loans for four years. Last year it ceded...
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IMF and Mozambique to begin discussions on aid program in January
The International Monetary Fund (IMF) and the government of Mozambique will begin negotiations on an Extended Financing Program in late January, the financial institution announced today after a country visit. "Discussions on supporting the government's program through an Extended Financing Program will begin shortly; a...
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Mozambique: Oxford Economics says $200M write-off does not guarantee sustainable debt
The consultancy Oxford Economics Africa has considered that the pardon of $200 million of Mozambique's debt by Credit Suisse, in the context of hidden debts, is positive, but insufficient to put the debt on a sustainable trajectory. "While Credit Suisse's agreement to forgive some of the debt is positive for Mozambique, 200 million...