Mozambique: Maputo port concession extended until April 2058
Prime Minister Carlos Agostinho do Rosario and Minister of Economy and Finance Adriano Maleiane in Parliament last week. [Photo: Domingo]
The National Institute of Social Security (INSS) will establish a 600 million meticais fund to alleviate the negative impact of the Covid-19 pandemic on small and medium enterprises (SMEs).
The pandemic has closed more than 1,175 companies, liquidating more than 12,160 jobs – the INSS’s main asset – mainly from the hotel and restaurant sector.
The ongoing mothballing of companies and consequent layoffs have led entrepreneurs to urge the INSS to be more proactive, since its primary resource is at risk, which could imperil the institution itself.
In response to these calls, Prime Minister Carlos Agostinho do Rosário announced last Friday (15) that the government would provide a 600 million meticais [around US$8.7 million at current exchange rates] financing line from the National Institute of Social Security (INSS) via the commercial banking sector.
Without specifying the date the fund would become available or how financing would be obtained, Carlos Agostinho do Rosário explained that the financing was intended for SMEs in the tourism area, and others affected by the state of emergency.
“This is an effort that it is possible for the government to make at this moment, taking into account the capacity of our economy, and that we continue to work within the limitations that Stage 3 of the State of Emergency impose on us,” do Rosário said.
Speaking in the Assembly of the Republic, the prime minister said he believed that this measure, along with other initiatives, would mitigate the impact of the new coronavirus on the business sector, so that it could maintain production and the provision of services, as well as safeguarding jobs.
By Evaristo Chilingue
Leave a Reply
Be the First to Comment!
You must be logged in to post a comment.
You must be logged in to post a comment.