Mozambique has hired Lazard Ltd. as a financial adviser to help assess
its foreign debt as it struggles to service borrowings by state-owned
companies.
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| Getty / Fishing boats from EMATUM and speedboats belonging to Mozambican state company Pro-Indicus at the Maputo Harbour on 22 April 2016 |
The ministry of economy and finance also
appointed White & Case LLP as a legal adviser, it said in a
statement e-mailed by Lazard’s London-based spokesman, Richard Creswell.
The two will “assist the ministry with the assessment of Mozambique’s
current external debt situation,” according to the statement.
“The ministry has started to work
closely with its advisers, and looks forward to engaging collaboratively
in the near future with the various stakeholders of Mozambique,” the
statement read.
Donors and the International Monetary
Fund suspended aid to Mozambique in April after it owned up to $1.4
billion of undisclosed borrowing by the interior ministry and two
state-owned security companies, Proindicus and Mozambique Asset
Management. The southern African country, one of the world’s poorest, is
struggling to repay its debt after a commodity slump reduced export
revenue and a depreciation of the metical, which has lost half its value
against the dollar since the start of 2015, boosted the cost of foreign
loans.
Yields on Mozambique’s $727 million
Eurobond due in January 2023 fell 3 basis points to 18.37 percent in
Maputo, the capital, by 10:47 a.m. They’ve risen almost 600 basis points
since news of the secret loans broke.
Bloomberg/Club of Mozambique
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