Mozambique | - Part 9

Mozambique Says Foreign Loans Breached Laws as Probe Deepens

MAPUTO, Capital Markets in Africa: Mozambique’s attorney-general plans to ask international and domestic experts to help probe loans taken by three state-owned companies that may have breached the southern African nation’s budget laws, spokesman Taibo Mucobora said. The office of the attorney-general has held hearings into loans taken by Empresa Mocambicana de Atum SA, whose debt was converted into a $727 million sovereign Eurobond in April, Mozambique Asset Management and ProIndicus. The borrowings breached limits on guarantees…

Mozambique Cuts 2016 Growth Forecast, Raises Inflation Outlook

Posted on by The Editorial Team

Mozambique, Capital Markets in Africa: Mozambique revised its 2016 budget, cutting its growth forecasts as some donors suspended aid after the government admitted to hiding more than $1.4 billion in debt. The country’s cut its gross domestic product growth forecast to 4.5 percent from 7 percent earlier, Finance Minister Adriano Maleiane said in the capital, Maputo, Thursday, following an extraordinary cabinet meeting to approve the State Budget Review. State revenue is projected to decline to…

Mozambique’s Foreign Investment Slumps by 35% in First Quarter

Posted on by The Editorial Team

MOZAMBIQUE, Capital Markets in Africa: Foreign investment flows into Mozambique fell 35 percent in the first quarter, putting pressure on the nation’s balance of payments and exchange rate, Finance Minister Adriano Maleaine said. Investors brought in $650 million in the first three months compared with $1 billion a year ago, Maleiane told members of the ruling Mozambique Liberation Front, or Frelimo, on Wednesday in the capital, Maputo. “Foreign direct investment used to be an important source of…

Investment | Exxon Said to Eye Gas Deal That May Ease Mozambique Debt Crisis

Posted on by The Editorial Team

MOZAMBIQUE, Capital Markets in Africa: Exxon Mobil Corporation is considering buying stakes in natural gas discoveries off Mozambique made by Anadarko Petroleum Corp. and Eni SpA, potentially giving a tax windfall to the African nation grappling with a deepening debt crisis, according to two people with knowledge of the matter. Acquiring a share of Anadarko’s Area 1 in the Rovuma Basin off Mozambique’s north coast could generate capital gains tax of about $1.3 billion for the government, one of…

Mozambique Yields at Record as IMF Warns of Debt Distress

Posted on by The Editorial Team

Mozambique, Capital Markets in Africa: Mozambique government bond yields jumped to a record 18.94 percent after the International Monetary Fund warned the south eastern African nation’s public debt was at a high risk of distress. The Washington-based lender said Friday Mozambique’s public debt stock had jumped to 86 percent of gross domestic product after the government revealed it had guaranteed $1.4 billion in loans to state-owned companies. “According to our technical assessment, public debt is now likely…

Mozambique Raises Key Rate to 14.25% to Contain Inflation in June

Posted on by The Editorial Team

MAPUTO, Capital Markets in Africa: Mozambique’s central bank raised its key interest rate for a third time this year as a weakening currency led to soaring inflation in the southern African nation. Policy makers increased the benchmark policy rate by 150 basis points to 14.25 percent, the Maputo-based institution said in a statement on Monday. The interest rate on the standing deposit facility was raised to 7.25 percent from 5.75 percent. The annual inflation rate…

Mozambique Commits to Repay Debt Used in Public Interest

Posted on by The Editorial Team

MAPUTO, Mozambique, Capital Markets in Africa: Mozambique vowed to honour what it said were illegal debt contracts to state-owned companies even as it aims to only repay loans that have benefited the public interest. Yields on the nation’s Eurobonds fell for the first time in four days. Prime Minister Carlos do Rosario, acknowledging that it seemed “attractive” to default on some payments, told lawmakers on Wednesday that the “good image of the country among international creditors”…

« 1 … 7 8 9 10 11 12 »