IMF technical team goes to Mozambique in June

20 May 2016

A mission from the International Monetary Fund (IMF) is due to arrive in Maputo in June to discuss with the government of Mozambique the macroeconomic implications of undisclosed debts, said Thursday in Washington the IMF spokesman.

Gerry Rice said that the mission was scheduled to take place in April but had to be postponed following the disclosure by the Government of Mozambique of a set of guarantees granted to State-owned enterprises in excess of US$1.4 billion.

“The technical team will continue to gather facts and information, carry out investigations if necessary and assess the macroeconomic implications, in collaboration with the government of Mozambique,” said the IMF spokesman.

Mozambican tuna company Ematum was the first known case of a loan guaranteed by the State in 2013, without being registered in the public accounts.

At the end of April, the Mozambican government disclosed the existence of debts not included in public accounts totallling US$1.4 billion, which it justified based on security and the country’s strategic infrastructure.

The disclosure of loans with state guarantees, contracted between 2013 and 2014, led the IMF to suspend the second installment of a loan to Mozambique and the deployment of a mission to Maputo. (macauhub/MZ)