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IMF team arrives in Mozambique to discuss ‘hidden debts’ report

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A team from the International Monetary Fund (IMF) has arrived in Mozambique for a ten-day working visit to discuss with the government the results of the audit carried out by a U.S. auditing firm Kroll, which looked into $2 billion in “secret loans” reportedly taken by state-controlled companies, APA can report on Tuesday.The mission, which arrived late on Monday, will remain in Mozambique until 19 July.
The discovery of the loans to state-owned fishing company EMATUM, Proindicus and Mozambique Asset Management prompted the IMF to halt its support programme, and led to the collapse of Mozambique’s currency and a debt default.
According to local media reports, the IMF team would discuss the results of the audit with the authorities and possible follow-up actions; including working with the authorities to address concerns related to the management of public resources.
Debt-ridden Mozambique, one of the world’s poorest countries, is struggling to repay loans of more than $2 billion that were not approved by parliament.
The discovery of the loans prompted the IMF to halt a further loan last April, and led to the collapse of the southern African nation’s currency and of investor confidence.
The government appointed multinational risk management firm Kroll in November last year to investigate the alleged hidden loans.

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