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MAP - Une délégation du 'National Press Club' de Washington visite les principaux édifices religieux de Casablanca
Casablanca - 19 juillet 2018 – (MAP) - Une délégation du 'National Press Club' de Washington a visité, jeudi, les...
MAP - Morocco Expresses Commitment to New Momentum for Achieving Sustainable Development
New York - 19 july 2018 – (MAP)- Secretary of State for Sustainable Development Nezha El Ouafi stressed, Thursday...
MAP - 40è Moussem d'Assilah: Plaidoyer pour renforcer la culture de la paix et de la différence afin de combattre l'extrémisme religieux violent
Assilah - 19 juillet 2018 – (MAP)- Les participants à un colloque sous le thème "Pensée religieuse incubateur du...
MAP - Bac: 332 prisonniers ont réussi l'examen
Rabat-19juillet2018–(MAP)-Le nombre total de prisonniers ayant réussi l'examen du baccalauréat au titre de l'année 2017-2018 a atteint 332 pensionnaires, a...
MAP - M. Ahmed Toufiq reçoit le leadership du National Press club de Washington
Rabat -19 juillet 2018–(MAP)- Le ministre des Habous et des Affaires islamiques, M. Ahmed Toufiq, a reçu, jeudi à Rabat,...
MAP - El Jadida: Échange constructif sur les nouveaux besoins des MRE investisseurs
El Jadida -19 juillet 2018–(MAP)-Inciter les Marocains résidant à l'étranger (MRE) à investir et à pérenniser les liens avec leur...
MAP - Des groupes parlementaires appellent à davantage d'efforts pour promouvoir le secteur du tourisme
Rabat -19 juillet 2018–(MAP)- Des groupes parlementaires à la Chambre des conseillers ont appelé, mercredi, à déployer davantage d'efforts en...
MAP - Port Casablanca: Marsa Maroc annonce le retour à la normale pour les livraisons camions
Rabat - 19 juillet 2018 – (MAP)- Marsa Maroc, leader national de l'exploitation de terminaux portuaires, a annoncé le...
NNA - Leaders For Democracy Fellowship Program launched in Lebanon in Collaboration with AUB
NNA - The 2018 Leaders for Democracy Fellowship (LDF) Program, funded by the U.S. Department of State's Middle East Partnership...
NNA - Donor countries' ambassadors congratulate Lebanon on 'Education for All' Program
NNA - Caretaker Minister of Education and Higher Education, Marwan Hamadeh, held an extensive meeting with ambassadors and heads of...
NNA - Gaby Tamer, nouveau PDG de la Chambre de commerce libano-française
ANI – La Chambre de commerce libano-française a tenu son assemblée générale à Paris, au cours de laquelle elle a...
NNA - Le ministre de la Justice rencontre une délégation du Conseil supérieur français du notariat
ANI – Le ministre sortant de la Justice, Sélim Jreissati, a reçu ce jeudi dans son bureau au ministère, le...
ATA - Albania and Kosovo to cooperate in field of insurances
TIRANA, July 18/ATA/-Albania and Kosovo are promoting bilateral cooperation between the two countries even in the field of insurances. ...
ATA - SeeNews: EBRD to continue investing in upgrading Albania’s infrastructure
TIRANA, July 18/ATA/ – The European Bank for Reconstruction and Development will continue to invest in narrowing the infrastructure gap...
ATA - Construction works on Arbër Highway to continue at a higher intensity
TIRANA,July 18/ATA/–The Arbër Highway known as the Caravan Road or part of the Via Egnatia, the ancient Roman road, ...
Lusa - Business News - Portugal: Autoeuropa workers seek 4% increase, double pay for Sunday working
Palmela, Portugal, July 19 (Lusa) - Workers at Autoeuropa, the Volkswagen unit that is Portugal’s largest manufacturing plant, on Thursday...
HINA - Croatia praised for success in energy renovation of buildingy - EurActiv
ZAGREB, July 19 (Hina) - Croatia's performance in the implementation of energy efficiency programmes can be compared with the success...
Lusa - Business News - Angola: Tax revenues from oil exports buoyant as crude price holds up
Luanda, July 19 (Lusa) – Angola's oil exports raised the equivalent of €5 billion in tax revenues in the first...
Lusa - Business News - Portugal: Consumer group complains about Ryanair marketing strike-hit flights
Lisbon, July 19 (Lusa) - Portuguese consumer protection association Deco has lodged a formal complaint with the National Civil Aviation...
HINA - Croatia, Albania for closer cooperation, protection of Adriatic
ZAGREB, July 18 (Hina) - Cooperation between Croatia and Albania is constantly improving and the main precondition for its significant...
EFE - ITALY CINEMA - Damien Chazelle's 'First Man' set to open Venice Film Festival
Rome, Jul 19 (EFE).- The movie 'First Man' by United States director Damien Chazelle is set to open this year's...
CNA - FinMin says credit rating agencies’ reports in line with the Government’s estimates
CNA - ΝICOSIA - Finance Minister Harris Georgiades said Thursday that the latest reports of credit rating agencies about Cyprus...
Lusa - Business News - Portugal: Algarve policing beefed-up as biker festival gets under way
Lisbon, Jul. 19 (Lusa) – The Portuguese police (PSP) have sent more officers to the Algarve, particularly to the bar...
Lusa - Business News - Portugal: Public, private borrowing up to almost €725 billion
Lisbon, Jul. 19 (Lusa) – Borrowing went back up in Portugal in May to €724.7 billion, of which €322.4 billion...
Lusa - Business News - Portugal: Airport tax breaches EU rules
Brussels, Jul. 19 (Lusa) – The European Commission (EC) has sent Portugal a reasoned opinion demanding that the Lisbon airport...
Lusa - Business News - Portugal: Easyjet to contest fuel failure compensation demand
Farnborough, United Kingdom, Jul, 19 (Lusa) – Low-cost airline easyJet said on Thursday it would contest the compensation it was...
Lusa - Business News - Portugal: Latest oceanic patrol vessel to be named on Friday
Viana do Castelo, Portugal, Jul. 19 (Lusa) – The Oceanic Patrol Vessel NPO Sines, the first of two to be...
CNA - Moody’s: Cyprus broadens capital-gains tax waiver, a credit positive for banks
CNA - Nicosia
Rating agency Moody’s says in its weekly “Credit Outlook” that extension of the government’s waiver of the 20%...
Lusa - Business News - Portugal: Biker festival to begin today without Portuguese Hells Angels
Faro, Portugal, Jul. 19 (Lusa) – The 37th edition of the Faro Motorcycle Meeting begins today and continues until Sunday....
Lusa - Business News - Portugal: Top headlines on Thursday
Lisbon, Jul. 19 (Lusa) – The Portuguese papers are writing about the up-coming biker festival in Faro and how banks...
Lusa - Business News - Mozambique: Debt talks 'to be slow'; neither side keen to give ground - analysts




Lisbon, Mar. 21 (Lusa) – Talks between Mozambique’s government and holders of its public debt on moves to restructure it are set to be slow, with neither side having the incentive to make major concessions, according to consultancy BMI Research.
"The start of the negotiations, which comes more than a year after the government officially entered default on 727 million [dollars] of the Eurobonds, is a step in the right direction, but we believe that the talks should advance slowly, with neither party having a significant impetus to give ground,” BMI’s analysts said in comments to Lusa on the latest developments.
The negotiations began in London on Tuesday.
According to BMI, Mozambique’s defaulting on the debt “should not greatly undermine the positive medium-term growth outlook” for the country. It cites the decision by Italy’s ENI to press ahead with an "enormous 7-billion-dollar project in mid-2017".
The fact that one of the world’s leading oil companies is going ahead with this huge project even after the country announced that it was unable to pay off all its debt as foreseen, and after international credit agencies slashed its rating to ‘Default’ suggests that "the government will be slow to present an offer that creditors might consider acceptable.”
However, the same is true of creditors, BMI argues: "with natural gas production supplying a substantial increase in tax receipts and in the government’s capacity to meet its obligations, we believe that creditors should hope for a better agreement.”
Investors, the analysts conclude, "still find value in Mozambique’s debt”; the biggest problem relates to other aspects of the economy, with signs of a 'crowding out' of private borrowing as commercial banks are being pushed ever more into taking up public debt instead of lending money to the private sector.
Mozambique’s government on Tuesday proposed to creditors and investors in public debt a haircut of 50% on missed interest payments and whatever penalties that might exist - that is, $318 million of the $636 million in debt that should have been paid.
It also wants lower interest rates and longer maturities for the debt, which was originally to be paid off in 2020 but whose maturity was extended to 2023 two years ago.
Meanwhile, civil society organisations have accused the government of a lack of transparency, having demanded that it provide citizens and parliament with information on the true situation– information that was not forthcoming before the London meeting.

MBA/ARO // ARO.
Lusa


Agency : LUSA

Date : 2018-03-22 08:13:32







 

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