Mozambique | - Part 8

Mozambique delays MPC meeting by a month

MAPUTO, Capital Markets in Africa: The Mozambique central bank’s Monetary Policy Committee (MPC) will hold its next meeting in October and not September as earlier planned, the bank said on Friday, without giving reasons. The MPC will hold its ninth meeting of the year on Oct. 21, the central bank said in a statement. The bank lifted its main lending rate by 300 basis points to 17.25 percent in July due to soaring inflation and…

Mozambique Reorganizes State Companies Amid Debt Crisis

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MAPUTO, Capital Markets in Africa: Mozambique identified six companies including telecommunications providers Telecomunicacoes de Mocambique and Mocambique Celular Sarl among 20 state-owned entities it plans to reorganize or sell as it battles a debt crisis. Others are the national airline Linhas Aereas de Mocambique and airport operator Aeroportos de Mocambique, a silos and bulk-terminal company at Matola and postal company Correios de Mocambique, the Finance Ministry said in an e-mailed response to questions from the capital,…

IMF says Mozambique president to cooperate on debt audit

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MAPUTO, Capital Markets in Africa: The president of Mozambique on Thursday pledged to work with the International Monetary Fund on the terms of an international audit of its public debt, the IMF said in a statement. President Filipe Nyusi met with IMF Managing Director Christine Lagarde in Washington, where Nyusi visted to try to reassure international institutions and investors over a debt scandal involving more than $2 billion in secret loans that came to light…

Mozambique Says Deal With Opposition Was Imposed by Mediators

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MAPUTO, Capital Markets in Africa: The Mozambican government’s delegation at peace talks with the main opposition party said it was forced by mediators to agree to a proposal that the ruling party cedes control in provinces where its rival had won elections. The Mozambique National Resistance, or Renamo, has been fighting to govern six provinces where it garnered more support than the ruling Front for the Liberation of Mozambique, or Frelimo, in elections in 2014. The opposition…

Mozambique Agrees to Provincial Devolution, Renamo Says

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MAPUTO, Mozambique, Capital Markets in Africa: Mozambique’s government has agreed to make constitutional changes that will allow the main opposition party to govern in six provinces where it won more votes than the ruling party in elections in 2014, a Renamo spokesman said. The Mozambique National Resistance, or Renamo, has been battling to win concessions on provincial devolution in central and northern regions. The ruling Front for the Liberation of Mozambique, or Frelimo, has used its majority to…

Mozambique | Plunging Tuna Bonds Wreck Africa’s Most Promising Economy

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MAPUTO, Capital Markets in Africa: Even by the standards of Africa, it’s been a wild ride for Mozambique. There’s little sign it will end well. Blowing through more than $2 billion of borrowed money just as the currency and the price of commodity exports plunged has left the former Portuguese colony with near-empty coffers. Its creditors, which bought debt sold by Credit Suisse Group AG and VTB Group, may be left holding the bag. Nor does it help…

Mozambique Hires Lazard, Legal Advisers to Assess External Debts

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MAPUTO, Capital Markets in Africa: Lazard Ltd. as a financial adviser to help assess its foreign debt as it struggles to service borrowings by state-owned companies. The ministry of economy and finance also appointed White & Case LLP as a legal adviser, it said in a statement e-mailed by Lazard’s London-based spokesman, Richard Creswell. The two will “assist the ministry with the assessment of Mozambique’s current external debt situation,” according to the statement. “The ministry has started to work…

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