About Mozambique, IMF says it “can provide financial support to countries with external arrears to private creditors, provided that…”

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About Mozambique, IMF says it “can provide financial support to countries with external arrears to private creditors, provided that…”

8:09 CAT | 02 Feb 2017

IMF / William Murray, Deputy Spokesman at International Monetary Fund

Transcript – IMF Press Briefing

January 26, 2017

William Murray, Deputy Spokesman at International Monetary Fund

Hi, good day. I’m William Murray, deputy spokesman in the Communications Department here at the International Monetary Fund in Washington. This is one of our regular press briefings.

(…)

Let me go to the online. I’ve got a number of questions here. I’ll start with him. He has got a question on Mozambique. It says, on Mozambique and its recent default, please

describe the timing of the IMF’s review of a program
and its relation to the ongoing audit and its status.

Let me give you a few items on that.

The IMF remains fully engaged with the authorities.

We continue to follow the ongoing independent audit of Ematum, Proindicus, and MAM, and pursue our discussions on possibility of a new IMF supported program.

In terms of our policy on lending into arrears to private debt holders, as in other cases the IMF will follow the policies as approved by the IMF’s Executive Board, and by extension membership.

The policy stipulates that the Fund can provide financial support to member countries with external arrears to private creditors, provided that

prompt Fund support is considered essential for the successful implementation of the member’s adjustment program,
and the member is pursuing appropriate policies
and making a good faith effort to reach a collaborative agreement with its private creditors.

That’s what I have for you today on Mozambique. Thanks.

(…)

To read the full, original IMF press briefing, you may follow this link

http://www.imf.org/en/News/Articles/2017/01/27/TR012617-Transcript-IMF-Press-Briefing

Source: www.imf.org / IMF Communications Department