Government is defending Mozambique’s reputation, says Minister of Economy and Finance

11 November 2019

The repayment of Mozambican tuna company Ematum’s debt is intended to restore Mozambique’s good reputation as a country that meets its international obligations, said Mozambican Minister of Economy and Finance, Adriano Maleiane.

The minister also said that the decision is not an affront to the decision of the Constitutional Council (CC), which in a ruling issued earlier this year declared the debt contracted by that company with sovereign guarantees, but without the approval of the Mozambican parliament, as null and void.

The Government recently paid out US$38 million as a “condition of consent” so that creditors of Ematum’s 850 million-euro Eurobonds would accept the second restructuring plan.

Maleiane, quoted by Mozambican daily newspaper Notícias, also said that, despite the Constitutional Council’s decision, the Government had continued to negotiate with Ematum’s creditors, while, through the Attorney General’s Office, bringing an action in London to act against the creditors of the also publicly owned company ProIndicus

Maleiane noted that the CC ruling, while declaring the debts to be void, also noted the need to observe all the legal consequences of this process, which is “precisely what the Government is doing.”

The Minister of Economy and Finance’s remarks were made on the sidelines of the launch of the National Public Investment System Platform (e-SNIP), which is part of the ongoing reform process in the state’s financial management. (Macauhub)