Russian bank VTB open to Mozambique’s debt restructuring

7 June 2017

Russian bank VTB is available to start talks related to Mozambique’s debt restructuring, said a bank official who gave assurances that all possible information was provided so Kroll Associates UK could conduct the audit for which it was hired.

An independent international audit of the US$2 billion loans taken out by three public companies backed by the Mozambican State was a condition put forward by the International Monetary Fund (IMF) for the resumption of the aid programme to Mozambique.

The report, after several delays, was delivered last May to the Attorney General’s Office (PGR) of Mozambique, which pledged to publish an executive summary soon and at a later date the full report.

Yuri Soloviev, the VTB’s first executive vice president, told the Reuters news agency that the bank is unaware of the content of the report but is available to discuss a possible process restructuring Mozambique’s debt.

VTB and Crédit Suisse are the two banks that have set up loans to Mozambican tuna company Ematum (US$850 million that has already been restructured), Proindicus (US$622 million) and Mozambique Asset Management (US$535 million). (macauhub)