IMF: Mozambique debt talks with Russia’s VTB on MAM loan “almost finalized”

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LONDON (Reuters) – Mozambique’s restructuring discussions with Russian lender VTB over a loan to the state-owned Mozambique Asset Management (MAM) are in the final stretch, the International Monetary Fund (IMF) said in its latest country report.

Mozambique has been battling to recover from a debt crisis after admitting in 2016 to $1.4 billion of previously undisclosed lending, much of which was supposed to be spent on a tuna fishing fleet. VTB had been the lead arranger for a $535 million loan to MAM.

“The authorities are in good-faith discussions with private creditors to restructure Mozambique’s Eurobond and previously hidden loans,” the IMF wrote in the report.

“Restructuring discussions with VTB on the MAM loan are almost finalized.”

Reporting by Karin Strohecker; Editing by Tom Arnold

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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