{"id":27549,"date":"2022-10-10T16:03:35","date_gmt":"2022-10-10T16:03:35","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/state-business-sector-companies-lack-transparency-some-bankrupt"},"modified":"2022-10-10T16:12:38","modified_gmt":"2022-10-10T16:12:38","slug":"state-business-sector-companies-lack-transparency-some-bankrupt","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/state-business-sector-companies-lack-transparency-some-bankrupt","title":{"rendered":"State business sector companies lack transparency, some bankrupt"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>An analysis by the Centre for Public Integrity (CIP), a Mozambican non-governmental organisation (NGO), considers the state\u2019s business sector to lack transparency and to be unsustainable, with some companies technically bankrupt \u201cThe sector as a whole is not financially sustainable\u201d and \u201ca significant part of the companies that make it up depend on State interventions for their survival,\u201d reads the fiscal risk analysis [ [on the State\u2019s Business Sector] released to the media by CIP.<\/p>\n

At stake are 38.7 billion meticais (619 million euros) in guarantees and sovereign bonds that have allowed companies to fund themselves and which represent a risk to public debt.<\/p>\n

Strengthening the supervision and management of the state\u2019s business sector companies (SEE) and improving control of public debt are commitments made by the Mozambican government to the International Monetary Fund (IMF) as part of the financial assistance programme worth US$470 million (roughly the same amount in euros) until 2025.<\/p>\n

The state has announced measures, but the CIP study indicates that a \u201clack of transparency, the absence of a guiding framework for remuneration of board members\u201d and a lack of \u201creliable feasibility studies\u201d prevail.<\/p>\n

\u201cTransparency is the basis for reducing exposure to corruption,\u201d it stresses.<\/p>\n

On the other hand, the document warns about \u201cthe risk associated with the lack of clarity in the process of restructuring the SEE,\u201d which can create space \u201cfor the State\u2019s dependence on the private sector.<\/p>\n

The NGO analysed the public accounts of eight companies that account for over 90 percent of the SEE and concluded that those that contributed most to the deterioration in the sector\u2019s performance were Mozambique Airlines (LAM), telecommunications company Tmcel \u2013 both classified as technically insolvent \u2013 Aeroportos de Moc\u0327ambique (AdM), oil company Petromoc, Eletricidade de Moc\u0327ambique (EDM) and Empresa Nacional de Hidrocarbonetos (ENH).<\/p>\n

\u201cHowever, ENH\u2019s risk is associated to the high investments for its participation in gas projects in the Rovuma Basin,\u201d the document noted.<\/p>\n

With the exception of ENH, the remaining companies \u201cdo not have the capacity to meet their financial obligations to creditors\u201d and \u201ctheir balance sheets do not allow them to obtain funding from commercial banks without the State issuing a guarantee.<\/p>\n

Not counting ENH, the public companies under analysis \u201cheld, by the end of the 2021 financial year, around 38.7 billion meticais (619 million euros) in sovereign guarantees and sovereign bonds, implying that the State should be prepared to take on these obligations,\u201d putting pressure on public debt.<\/p>\n

Of the eight companies analysed, only Hidroele\u0301trica de Cahora Bassa (HCB \u2013 Cahora Bassa Hydroelectric Power Station) and Portos e Caminhos de Ferro de Moc\u0327ambique (CFM \u2013 Ports and Railways of Mozambique) have a \u201cvery low\u201d (Category 1) and \u201clow\u201d (Category 2) fiscal risk, respectively \u2013 meaning they are able to honour their commitments to creditors.<\/p>\n

The results of the CIP study \u201cshow that the SEE is a fragile sector and dependent on financial resources from the state\u201d in the form of \u201csubsidies, treasury support, debt redemption (payment of debt service), capital injections,\u201d amongst others.<\/p>\n

The memorandum signed with the IMF stipulates that the Institute for Management of State Holdings (IGEPE) will publish by the end of the year a report on the 2020 consolidated accounts of SEE companies, which will then be subject to an external audit.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. An analysis by the Centre for Public Integrity (CIP), a Mozambican non-governmental organisation (NGO), considers the state\u2019s business sector to lack transparency and to be unsustainable, with some companies technically bankrupt \u201cThe sector as a whole is not financially sustainable\u201d and \u201ca significant part of the companies that make it up depend […]<\/p>\n","protected":false},"author":84,"featured_media":27548,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3],"tags":[233,281,283],"class_list":["post-27549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nState business sector companies lack transparency, some bankrupt - Mozambique<\/title>\n<meta name=\"description\" content=\"An analysis by the Centre for Public Integrity (CIP), a Mozambican non-governmental organisation (NGO), considers the st ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/state-business-sector-companies-lack-transparency-some-bankrupt\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State business sector companies lack transparency, some bankrupt\" \/>\n<meta property=\"og:description\" content=\"An analysis by the Centre for Public Integrity (CIP), a Mozambican non-governmental organisation (NGO), considers the st ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/state-business-sector-companies-lack-transparency-some-bankrupt\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-10T16:03:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-10T16:12:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/10\/postQueueImg_4-634444464b207.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1099\" \/>\n\t<meta property=\"og:image:height\" content=\"811\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/state-business-sector-companies-lack-transparency-some-bankrupt#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/state-business-sector-companies-lack-transparency-some-bankrupt\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"State business sector companies lack transparency, some bankrupt\",\"datePublished\":\"2022-10-10T16:03:35+00:00\",\"dateModified\":\"2022-10-10T16:12:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/state-business-sector-companies-lack-transparency-some-bankrupt\"},\"wordCount\":557,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/state-business-sector-companies-lack-transparency-some-bankrupt#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/10\/postQueueImg_4-634444464b207.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"community\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/state-business-sector-companies-lack-transparency-some-bankrupt#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/state-business-sector-companies-lack-transparency-some-bankrupt\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/state-business-sector-companies-lack-transparency-some-bankrupt\",\"name\":\"State business sector companies lack transparency, some bankrupt - 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