Representatives of the Mozambican government are due on 20 March in London to meet with creditors of commercial loans contracted by state-owned companies the Ministry of Finance said, according to Bloomberg.
The agency also reported that the meeting will present the latest economic data and government plans to restructure public debt created by State-backed loans taken on by public companies Empresa Moçambicana de Atum (Ematum), ProIndicus and Mozambique Asset Management (MAM).
Mozambique’s Economy and Finance Minister Adriano Maleiane said last Wednesday that the government has been working on defining a strategy to bring public debt back to a sustainable level and added: “we are interacting with relevant institutions and we are in a condition to go to London for talks with creditors.”
Maleiane said that 87% of Mozambique’s debt is multilateral (with financial institutions) or bilateral (agreed between countries), which accounts for a majority of debt in relation to which, “there are no problems at all.”
“What we are discussing represents 13% of the debt, but 50% of the total debt servicing. So it is therefore a problem and that is what we are negotiating about,” he said. (macauhub)