“Good faith” creditors will be repaid by Mozambique

13 September 2019

The Mozambican government is respecting the decision of the Constitutional Council to cancel the undeclared debt of Mozambican tuna company Ematum, the Minister of Economy and Finance said on Wednesday in Maputo.

Adriano Maleiane, quoted by the AIM news agency, said the ruling is being respected as only “good faith” creditors will be compensated.

The minister, who spoke at the 4th Financial Times Summit, said the deal reached last week with 99.5% of creditors of the Eurobond issuance of the public company only provides for “repayment of money from investors who acted in good faith.”

“The Government cannot tell good faith creditors that it will not pay. It will be up to the Attorney General’s Office to oblige those responsible for contracting debts to compensate the State for the charges it is bearing with the obligations arising from the loans. So the Attorney General’s Office has the task of collecting the US$850 million,” he said.

Maleiane also said that the Mozambican Government has already decided to create a sovereign fund to channel the revenues from oil and gas exploration in the country, and what percentage will be collected and what will be used for current investments. (Macauhub)