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ATA - RETRO event in Korça/A collection of old cars, an attraction of tourists
TIRANA, August 22/ATA/-The RETRO car exhibition in Korça, where collectors have showcased their historical cars, has created a fantastic atmosphere...
NNA - آشلي بولانكو عيسى من الدومينيكان تتربع على عرش الاغتراب لعام 2019
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ATA - Albanian feature film 'Open Door' premiered in main competition of Sarajevo Film Festival
TIRANA,Aug 22/ATA/–Albanian feature film “Open Door” by the young filmmaker Florenc Papa will be screened in the main competition of...
NNA - اختتام الملتقى الكشفي العربي للاعلامي الصغير
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ATA - Exports to Spain increased 42% in July this year
TIRANA,Aug22/ATA/-Albania has significantly increased exports with Spain during July this year, compared to July 2018.
According to INSTAT, exports of Albanian...
NNA - فكار اغترابية أوستراليا ونادي الشرق كرموا أدباء وشعراء ممثل
وطنية - نظم "نادي الشرق لحوار الحضارات" احتفالا تكريميا لأدباء وشعراء، مقيمين ومغتربين، أقامته "أفكار اغترابية للادب الراقي - أوستراليا" بعنوان "مبدعون من بلادي"، في مناسبة زيارة وفد اغترابي للبنان...
ATA - Number of foreigners living and working in Albania is up 9,7%
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Statistics Institute published Thursday the...
NNA - لبنان ثالثا في بطولة غرب آسيا لكرة الطاولة
وطنية - شارك لبنان في بطولة غرب آسيا لفرق كرة الطاولة التي أقيمت في العاصمة الأردنية بكافة فئات الفرق المعتمدة إضافة إلى دول سوريا، الأردن، البحرين، الإمارات العربية المتحدة، السعودية...
Lusa - Business News - Portugal: Ryanair 'must observe labour, strike law' during stoppage - government
Lisbon, Aug.23,2019 (Lusa)–Portugal’s government said on Friday that Ireland-based airline Ryanair is not exempt "from having to comply with the...
Lusa - Business News - Mozambique: Government invites Ematum bondholders to accept debt restructuring
Maputo, Aug. 23, 2019 (Lusa) – Mozambique’s government announced on Friday that it would be inviting the bearers of Eurobonds...
Lusa - Business News - Portugal: PSI20 closes Friday down 1.33%
Lisbon, Aug.23,2019 (Lusa)-The Lisbon Stock Exchange ended Friday’s session with a decline in the PSI20 index of 1.33% to 4,792.47...
CNA - اطلاق موقع الكتروني للأعمال الفنية المفقودة منذ الغزو التركي 1974
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
تم اليوم إطلاق موقع إلكتروني للأعمال الفنية القبرصية المفقودة منذ عام 1974، في محاولة لتحديدها وإعادتها إلى أصحابها الشرعيين. ...
Lusa - Business News - Macau: GDP declines 2.5% in H1, 2019
Macau, China, Aug. 23, 2019 (Lusa) - The Macau government admitted on Friday that the territory's economy may continue to...
CNA - السلطات القبرصية تؤكد ظهور حالة أخرى من فيروس غرب النيل وأخرى قيد التحقق
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
قالت اليزابيث قسطنتينو المسؤولة الكبيرة في وزارة الصحة أنه لا يزال هناك أربعة أشخاص يتلقون العلاج في قبرص بسبب فيروس...
Lusa - Business News - Mozambique: Japan loans €40.6M for maintenance of Maputo electricity plant
Maputo, Aug. 23,2019(Lusa)-Japan lent the equivalent of €40.6 million to Mozambique on Friday for maintenance and management of the Maputo...
CNA - المتحدث الرسمي باسم الحكومة: تصريحات اردوغان حول قبرص تعكر الأجواء
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
قال المتحدث الرسمي باسم الحكومة برودروموس برودرومو أن التصريحات التي أدلى بها الرئيس التركي رجب طيب اردوغان بشأن القضية القبرصية، "أدت...
CNA - وزارة الداخلية تمول مشاريع صغيرة مدروسة للإدارات المحلية في الجزيرة
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
صرح وزير الداخلية قسطنطين بيتريدس أنه سيتم توزيع 4.7 مليون يورو على 103 بلدية وإدارة محلية في جميع أنحاء قبرص...
Lusa - Business News - East Timor: Veteran journalists call on new generation to work for development
Dili, Aug. 23, 2019 (Lusa) – Two East Timor journalists who 20 years ago played a role in the process...
Lusa - Business News - East Timor: Veteran journalists call on new generation to work for development
Dili, Aug. 23, 2019 (Lusa) – Two East Timor journalists who 20 years ago played a role in the process...
Lusa - Business News - Mozambique: US bank to provide €4.5B for natural gas projects
Washington, Aug. 23, 2019 (Lusa) - The US Export and Import Bank (EXIM) is to propose to the US Congress...
Lusa - Business News - Portugal: PSI20 opens 0.23% up at 4,867.41 points
Lisbon, Aug. 23, 2019 (Lusa) – The Lisbon stock exchange opened in positive territory on Monday with the main benchmark...
Lusa - Business News - Portugal: Top headlines on Friday
Lisbon, Aug. 23, 2019 (Lusa) – The fall-out from the last truckers’ strike and the planning against another one are...
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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