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NNA - Voluntary return of 137 Syrian refugees from Shebaa and central Bekaa
NNA - Lebanon's General Security on Monday announced in a statement it has secured the voluntary return of 137 Syrian...
NNA - Land transport unions suspend strike confirmed by Head of Public Drivers' Union, Bassam Tleis
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NNA - Saudi Minister Plenipotentiary Charge d'Affaire, Walid Bukhari, launches 'Oumnia' humanitarian initiative on Hajj pilgrimage
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NNA - لبنان يبدأ العد العكسي لنهائيات كأس آسيا لكرة القدم
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Lusa - Business News - Portugal: Talk of Azores airline sell-off 'premature' - Secretary
Ponta Delgada, Portugal, Aug. 13 (Lusa) – The Azores regional transport secretary said on Monday that it was “completely premature”...
Lusa - Business News - M0zambique: SADC warns of greater food insecurity because of drought
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Lusa - Business News - Portugal: Paper company Navigator sees shares fall over 18%
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Lusa - Business News - Angola: Out-of-date forged goods 'came from supermarkets' - Consumer group
Luanda, Aug. 13 (Lusa) – The chairman of the Angolan consumers’ rights association (AADIC), Diógenes de Oliveira, said on Monday...
CNA - Total sales of industrial commodities up by 7.3% in 2016
CNA - ΝICOSIA
Total sales of industrial commodities were up by 7.3% in 2016 on an annual basis, data released by...
Lusa - Business News - Brussels: Agreement signed for new digital highway - European Commission
Brussels, Aug. 13 (Lusa) – A group of 11 European and Latin American research and education networks have signed an...
EFE - MEDITERRANEAN MIGRATION - Migrants on board Aquarius vessel in good health, have supplies for 2 weeks
Rome, Aug 13 (EFE).- The 141 migrants on board the Aquarius rescue vessels were well and with enough food and...
Lusa - Business News - Portugal: Regulator black-lists Blue Grana Investment Group and Smartadn
Lisbon, Aug. 13 (Lusa) – The Portuguese Stock Exchange Commission (CMVM) said on Monday that Blue Grana Investment Group and...
Lusa - Business News - Angola: Govt. regulates issuance and management of Public Debt
Luanda, Aug. 11 (Lusa) - The Angolan government has regulated the Issuance and Management of Direct and Indirect Public Debt,...
Lusa - Business News - Portugal: 'Uber' law comes into force on 1 November
Lisbon, Aug. 13 (Lusa) – The law governing ride-hailing Apps in Portugal for companies such as Uber and Cabify is...
Lusa - Business News - Cape Verde: ECOWAS bank not investing enough in the economy - Tourism chairman
Praia, Aug. 13 (Lusa) – The chairman of the Santiago Tourism Association, Eugénio Inocêncio, regretted on Monday that only one...
Lusa - Business News - Portugal: Ambassador wants closer ties between Indian and Portuguese people
Lisbon, Aug. 13 (Lusa) – India's ambassador to Portugal, Nandini Singla, said on monday that the political relationship between INdia...
Lusa - Business News - Macau: Region imports 29% more products from Portugal in first half - AICEP
Macau, China, Aug. 13 (Lusa) - Macau imported products worth €14.4 million in from Portugal in the first half of...
CNA - Hellenic announces share agreement with Emma Alpha of €50 million
CNA - Cyprus/NICOSIA
Hellenic Bank has announced that it has entered into a subscription agreement with Emma Alpha Holding Ltd...
Lusa - Business News - Portugal: Four-week overtime strike at ports starts on Monday
Lisbon, Aug. 13 (Lusa) – Dockworkers start on Monday a four-week overtime strike due to end on 10 September,...
Lusa - Business News - Mozambique: New debt regulations 'on right track' - African Development Bank




Lisbon, Aug. 9 (Lusa) – The country manager for Mozambique at the African Development Bank (AfDB), Pietro Toigo, has told Lusa that the government’s laws to regulate debt are on the right track, but warned that complying with the rules was vital.
Speaking the day after the AfDB released its Country Stategy Paper for 2018-2020 on Mozambique, Toigo said that the government in Maputo had “taken important measures to avoid new cases of secret indebtedness.”
According to the strategy paper, the bank will “address Mozambique’s development challenges, notably in rural areas where most of the population is dependent on subsistence agriculture and is disconnected from the centres of growth.”
The bank also said it would aim to improve debt-ridden Mozambique’s general business environment through investments and infrastructure.
Mozambique has faced financial turmoil since 2016 when it was revealed that the previous government had secretly guaranteed massive loans taken out by public enterprises. The discovery prompted the International Monetary Fund to suspend funding to the southern African nation.
Asked about mechanisms that are being applied to control bond issues by the state and by state-owned companies, Toigo highlighted the fact that there was a new legal framework in place for the issuance of public debt and that the role of the administrative court had been improved.
“The lack of access to international financial markets is certainly a constraint and the African Development Bank is working with the government to find a solution to the difficult loan terms,” he added.
Toigo also noted, however, that international market access was not the only way to impact the country’s development, pointing out that “international partners agree that it is important for Mozambique to manage to finance itself in a sustainable way” and “prepare itself for when the development of the gas sector will radically alter the economic structure” of the country.
According to the AfDB paper, Mozambique’s funding from the bank will be capped at $81 million between now and the end of next year because of its excessive public debt.

MBA/MWYP
Lusa


Agency : LUSA

Date : 2018-08-10 09:54:48







 

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