IMF examines audit of undisclosed debts in Mozambique

11 July 2017

A mission from the International Monetary Fund (IMF) will remain in Mozambique until 19 July to discuss the findings of the audit of undisclosed debts by Kroll Associates UK, with the country’s authorities, the local IMF resident said on Monday in Maputo.

Ari Aisen, quoted by the Mozambican press, added that members of the mission will also assess the country’s macroeconomic situation and discuss with the Mozambican government the priorities for the 2018 State Budget.

The IMF considers that the publication of the summary of the audit results is an important step towards transparency regarding the loans taken on by Mozambican tuna company Ematum and undisclosed loans involving public companies Proindicus and Mozambique Asset Management (MAM).

It believes, however, that ‘information gaps persist, in particular regarding the use of loans,’ in the amount of US$2 billion, taken on by public enterprises held by the State Information and Security Services (SISE), which were not disclosed to parliament and international partners in 2013 and 2014.

Disclosure of the loans contracted by Proindicus and MAM led the International Monetary Fund to suspend aid to Mozambique, which was followed by other international organisations and Western countries that also supported the country’s State Budget. (macauhub)