Standard Bank says keeping Mozambique interest rates unchanged is "surprising"
A total of 2,900 companies in Mozambique have gone bankrupt in the past three years, according to figures announced on Friday by the Confederation of Economic Associations.
“The situations companies face isn’t healthy. They face many difficulties,” Luís Magaço, an economist at the employers’ confederation, said during a meeting between government officials and the private sector in Maputo.
Magaço added that the situation was “worrying” due to its effect on the country’s productive capacity, income generation and payment of tax as well as the creation of new jobs.
Maputo, which failed to meet its loan payment deadline on time in 2016, is still struggling following a secret loans scandal which led the International Monetary Fund (IMF) to cancel its funding to the country.Source: Lusa