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Stock Market / Finance in Mozambique

  • Mozambique: Hidden Debts 'Should Be Declared Unconstitutional'

    MOZAMBIQUE, 2017/07/07 The Budget Monitoring Forum (FMO), a coalition of Mozambican civil society organizations, on Wednesday submitted a request to the Constitutional Council, the highest body in matters of constitutional law, to declare unconstitutional the inclusion of the country's “hidden debts” in the General National Accounts (CGE).
  • Mozambique Cannot Pay Bondholders

    MAPUTO CITY, 2017/02/05 The Ministry of Economy and Finance on 16 January confirmed that Mozambique would not pay the interest on bonds initially issued by the Mozambican Tuna Company (Ematum) and which fell due on 18 January. A statement from the Ministry addressed to the bondholders, pointed out that the Minister of Economy and Finance, Adriano Maleiane, made the country's financial situation clear in a presentation given on 25 October, and reiterated in a statement on 14 November.
  • China-Portuguese Speaking Countries Cooperation Fund presented in Macau

    CHINA, 2017/01/23 A presentation session of the China-Portuguese Speaking Nations Cooperation and Development Fund and the investment framework for investment in Portuguese-speaking nations is due to take place on 25 January in Macau, organised by the Macau Institute for Trade and Investment Promotion (IPIM). This session is co-organised by the Macau Economic Service, the Finance Services Bureau and the Macau Monetary Authority and support is provided by the Permanent Secretariat of the Forum for Economic and Trade Cooperation between China and Portuguese-Speaking Nations.
  • Marlon Chigwende, managing director and co-chief of the Carlyle Sub-Saharan Africa Fund

    SOUTH AFRICA, 2016/07/27 US-based private equity firm Carlyle Group is looking at a number of investment opportunities for its African fund next it made its initial ever exit on the continent this month, its top official said. Marlon Chigwende, managing director and co-chief of the Carlyle Sub-Saharan Africa Fund, said the $700 million investment vehicle was looking to increase its investments on the continent next it exited Export Trading Group, a Tanzanian-based continental supply chain manager. Carlyle, which has so far made at least five buys in Africa, has been taking on partnerships in its investments on the continent inclunding with Africa’s richest man Aliko Dangote, to buy in energy infrastructure, and with ex-Barclays chief executive Bob Diamond to buy the banks stake in Africa. “We are very busy. Potentially we may close a transaction [by the end of this year], a lot depends on the discussions we are having with potential vendors of the businesses. We are in a detailed diligence on a number of opportunities,” Chigwende told Africa World Funds.
  • Mozambique: Secret Loans: What Happens Now?

    MOZAMBIQUE, 2016/04/30 Like a naughty schoolboy caught smoking in the bike shed who is again summoned to the school principal's office, Prime Minister Carlos Agostinho do Rosario flew to Washington to appear before IMF Managing Director Christine Lagarde. Apparently he confessed to her that at least $1.35 billion in loans were taken out in secret without telling parliament or donors - or, most importantly, the IMF. At least $2.2 bn - equivalent to all government spending for five months - has been squandered in secret on boats of dubious necessity and, it is widely assumed, on corrupt payments. So, what happens presently? There are two guiding principles which will shape whatever happens. Initial, Frelimo is obsessed by maintaining unity at all costs. Ever since Eduardo Mondlane was assassinated in 1969, Frelimo has realised that it can only gain and keep power by not splitting up. That means no one is expelled from the party no matter how corrupt or incompetent they are; anyone who may be a threat is given a sinecure. Disputes are settled within the party and the aim is for win-win agreements.
  • Mozambique: Secret Loans: What Happens Now?

    MOZAMBIQUE, 2016/04/29 Like a naughty schoolboy caught smoking in the bike shed who is again summoned to the school principal's office, Prime Minister Carlos Agostinho do Rosario flew to Washington to appear before IMF Managing Director Christine Lagarde. Apparently he confessed to her that at least $1.35 billion in loans were taken out in secret without telling parliament or donors - or, most importantly, the IMF. At least $2.2 bn - equivalent to all government spending for five months - has been squandered in secret on boats of dubious necessity and, it is widely assumed, on corrupt payments. So, what happens presently? There are two guiding principles which will shape whatever happens. Initial, Frelimo is obsessed by maintaining unity at all costs. Ever since Eduardo Mondlane was assassinated in 1969, Frelimo has realised that it can only gain and keep power by not splitting up. That means no one is expelled from the party no matter how corrupt or incompetent they are; anyone who may be a threat is given a sinecure. Disputes are settled within the party and the aim is for win-win agreements.
  • Mozambique: IMF Suspends Standby Credit Facility Loan,

    MAPUTO CITY, 2016/04/21 The International Monetary Fund (IMF) has confirmed the suspension of the second installment of the loan to Mozambique of 283 million US dollars from the Fund's Standby Credit Facility (SCF). The suspension was suspected instantly the IMF announced, last Friday, that it was cancelling the mission that had been due to visit Mozambique this week because of the “undisclosed loans”, which the IMF put at over a billion dollars. The SCF is a means of providing financial assistance to low gain nations with short term balance of payments problems. In late October 2015, Mozambique applied for a loan of 204.5 million Appropriate Drawing Rights (about 282.9 million dollars) from the SCF. The IMF governing board granted the request and the initial instalment (about 118.9 million dollars) became available in December.
  • Government of Mozambique concludes Ematum’s debt restructuring

    MOZAMBIQUE, 2016/04/07 The government of Mozambique has completed restructuring of the deficit taken on to finance Mozambican tuna company Ematum, which was converted from commercial to sovereign deficit held by the national, the government spokesman saidMonday. Government spokesman and Deputy Health Minister Mouzinho Saide, said next a Cabinet conference that the agreement signed with investment banks Credit Suisse and Russia’s VTB Capital extends the deficit repayment period for two years and reduces the annual all payable.
  • Exim Bank of China considers request for loan to Mozambique

    CHINA, 2016/03/26 The Export-Import Bank of China (Exim) is considering a request from Mozambique for a loan of US$156 million to accelerate the digital migration process in the country, said the Mozambican Minister for Transport and Communications. The deadline for migration from analogue to digital in Mozambique, initially set for June 2015, was missed, and the government presently plans to speed up the process, according to minister Carlos Mesquita, cited by Mozambican newspaper O País. The minister as well said Chinese company StarTimes, which has been awarded the arrangement, approved the disbursement of US$30 million, to be used for an order of specific digital equipment for Mozambique.
  • United States has donated almost US$6 billion to Mozambique

    UNITED STATES, 2015/12/31 Over the last 30 years the United States has donated almost US$6 billion to Mozambique, said the outgoing ambassador Douglas Griffiths in a farewell letter. In the letter, the ambassador said the US wants “nothing but the best” for Mozambique, “because we firmly believe that the success of one country benefits all the others.” Referring to the all of US$6 billion, Griffiths said this all had not been provided as loans but as donations, particularly for development projects in health, education, agriculture and support to improve the business climate.