British Secretary for International Trade to meet President Nyusi and Minister Tonela

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British Secretary for International Trade to meet President Nyusi and Minister Tonela

9:34 CAT | 20 Sep 2017

File photo / UK Secretary for International Trade Brian Fox

UK Secretary for International Trade Liam Fox visits Mozambique today to discuss trade and investment between the two countries, the UK Ministry of Commerce has informed Lusa.

“The Secretary of International Trade will meet President Filipe Nyusi and Trade Minister Max Tonela on Wednesday to talk about the importance of the trade and investment relationship between our two countries” , spokeswoman Niken Wresniwiro said.

Asked about the impact that the debt crisis could have on the commercial relationship between the two countries and on the British government’s opinion on the resolution of the dispute between Mozambique and international creditors, the spokeswoman replied that the issue was outside the scope of the meetings.

“The Secretary for International Trade is going to be in Mozambique to talk about trade relations, and this topic is outside its scope of action, so we are not in a position to comment on the issue,” she said.

Fox’s visit comes at a time when several voices in Mozambique are arguing that the solution to the debt crisis is to declare the unconstitutionality of loans contracted in 2013 and 2014 by two public companies.

If this were to happen, the burden of investor reimbursement would shift from the Mozambican state to the banks that structured the US$1.4 billion in state-guaranteed financial transactions arranged without the knowledge of parliament.

Source: Lusa