Sweden guarantees end of audit of Mozambique debt by the end of the month

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Sweden guarantees end of audit of Mozambique debt by the end of the month

12:02 CAT | 15 Mar 2017

Reuters (File photo) / Ematum in the eye of the storm

Sweden, which is financing the international audit of Mozambique’s estimated US$2 billion of hidden debts, says that the results of the investigation will be released by the end of this month, while analysts say the results should not disappoint citizens’ expectations.

At the end of her mission in Mozambique, Swedish ambassador Irina Nyoni revealed that the investigation process is well underway, confirming information from other people familiar with the matter, and says all is going well.

“I am going to leave international auditing matters well in hand, and when I leave Mozambique at the end of this month, everything will be ready,” the diplomat said.

The International Monetary Fund has insisted on an independent investigation into the so-called hidden debts, and Nyoni considers it vital that the process be conducted in the best possible way for the good of Mozambique, a position backed by analysts who underline the enormous expectations of the people on this issue.

According to lawyer José Machicame, the audit should clarify the manner in which the debts of the companies Mozambicana de Atum (Ematum), ProIndicus and Moçambique Asset Management (MAM) were contracted.

The loans were contracted outside the Mozambican legal framework and the commitments of the Mozambican state to its main cooperation partners, “and it is important to establish the contours and circumstances in which these debts were contracted”.

The Mozambican government says it hopes that the research will produce good results and sociologist Francisco says this must imply responsibility,” because someone authorized the contracting of these debts”.

In response to international pressure, the Mozambican government commissioned an independent audit of the hidden loans, which had brought the country’s overall public debt to levels of about US$11 billion.

Source: Voa Portugues