IMF recommends international audit of three Mozambican public companies

27 June 2016

The International Monetary Fund (IMF) has made a recommendation to the Mozambican government that an independent international audit be conducted on state companies Empresa Moçambicana do Atum (Ematum), Proindicus and Mozambique Asset Management (MAM), according to a statement issued in Washington.

Ematum (US$850 million), Proindicus (US$622 million) and MAM (US$535 million) are the three state companies that between 2013 and 2014 took on loans totalling over US$2 billion with State backing.

The only loan that had been disclosed was Ematum’s and the then President of Mozambique, Armando Guebuza and French President, François Hollande, met in Cherbourg to sign a contract with a local shipbuilder to supply fishing and marine surveillance vessels.

An IMF mission visited Maputo from 16 to 24 June to assess Mozambique’s economic situation following on from the non-disclosure of State guarantees on loans to three public companies. These companies have since been unable to honour their financial commitments and the IMF plans to suggest the corrective measures needed to prevent further economic deterioration. (macauhub/MZ)