Mozambique: No Normal Relations With IMF, Without Completing Kroll Report

Maputo — The International Monetary Fund (IMF) has politely made it clear that there will be no normalization of relations with Mozambique until the information missing from the audit of the security-related companies Ematum (Mozambique Tuna company), Proindicus and MAM (Mozambique Assets Management) is provided.

In 2013-2014, the three companies borrowed over two billion US dollars from the European banks Credit Suisse and VTB of Russia. The government of the day, headed by President Armando Guebuza, illicitly guaranteed the loans, in violation of both budget law and the Mozambican constitution. These government guaranteed loans added 20 per cent to Mozambique's foreign debt.

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