Tagged:

Huge Public Debt Threatens Mozambique's Financial System

Mozambique's public debt currently stands at U.S.$12.37 billion, of which about 16% is owed to China, Minister of Economy and Finance, Adriano Maleiane has said. Of the total U.S.$12.37 billion dollars of public debt, U.S.$9.85 billion is foreign debt, and the rest domestic debt, raised through high interest-bearing treasury bonds. U.S.$4.35 billion dollars of the foreign debt is owed to multilateral institutions such as the World Bank and the African Development Bank. However the debt owed by fraudulent security-related companies, Proindicus and Mozambique Asset Management, have been excluded from the public debt. The term "hidden debts" refers to the illicit loans of over U.S.$2 billion obtained by three fraudulent, security-linked companies, Proindicus, Ematum and MAM, from the banks Credit Suisse and VTB of Russia in 2013 and 2014. The banks lent the money on the basis of illegal loan guarantees, issued by the government of the day, under the then President, Armando Guebuza.

Mozambique: Mozambican Public Debt Is Now 12.37 Billion Dollars

AIM, 18 November 2020

According to the Minister of Economy and Finance, Adriano Maleiane, Mozambique's public debt currently stands at 12.37 billion US dollars, of which about 16 per cent is owed to… Read more »
Mozambique: Hidden Debts - Finally, Prosecutors Charge Former Finance Minister

AIM, 10 November 2020

The Mozambican Attorney-General's Office (PGR) announced on Monday that it has submitted a provisional charge sheet against former Finance Minister Manuel Chang to the Maputo City… Read more »
Mozambique: Most 'Hidden Debts' Appeals Rejected

AIM, 9 June 2020

The Maputo Higher Appeals Court has mostly thrown out the attempts by those accused of various crimes arising from the scandal of Mozambique's "hidden debts" to have the charges… Read more »
Mozambique: Secret Debt Guarantee 'Criminal', 'Illegal' Says Govt

Mozambique News Reports And Clippings, 1 May 2020

In its strongest public statement so far, the government has called the guarantees on the MAM and Proindicus secret debt to be "illegally obtained" and "criminally obtained". But… Read more »
Mozambique: Guebuza To Be Interrogated Over Secret Debt

Mozambique News Reports And Clippings, 29 September 2020

The Attorney General (PRG, Procuradoria Geral de Republica) will interrogate former president Armando Guebuza over the $2.2 bn secret debt, contracted during his administration.… Read more »