Mozambique: State-owned companies owe about US$500 million

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Mozambique: State-owned companies owe about US$500 million

1:59 CAT | 19 Mar 2021

File photo: RM

Public and state-owned companies have debts of around US$500 million, the equivalent of close to 425 billion meticais.

The administrator of the Department of Company Control at the State Participation Management Institute (IGEPE) said that the debts are with banks, as well as suppliers of goods and services, among others.

In an interview with Radio Mozambique, Raimundo Matule said that, overall, the debt is sustainable, but acknowledged that there are specific unsustainable situations in some companies.

It is in response to this and other problems that the process of restructuring the state business sector is underway.

A company has already been contracted to conduct a study for the restructuring of ‘Correios de Moçambique’, ‘Empresa Moçambique de Seguros’ (EMOSE), ‘Sociedade de Gestão Imobiliária’ (DOMUS), and the ‘Silos e Terminal Graneleiro da Matola’ (STEMA).

The result of the study that will determine the restructuring model for these companies will be known by the end of the year.

The director of the IGEPE announced that the institution will publish the first Report and Accounts of the State’s business sector this year.

Source: Rádio Moçambique