{"id":59091,"date":"2024-04-15T17:11:29","date_gmt":"2024-04-15T17:11:29","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-pays-45-million-to-proindicus-national-creditors"},"modified":"2024-04-15T17:52:36","modified_gmt":"2024-04-15T17:52:36","slug":"central-bank-pays-45-million-to-proindicus-national-creditors","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-pays-45-million-to-proindicus-national-creditors","title":{"rendered":"Central bank pays $45 million to Proindicus\u2019 national creditors"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The Bank of Mozambique has paid at least $45 million (\u20ac41.6 million) to national financial institutions that lent money to Proi\u0301ndicus, a company that benefited from so-called \u201chidden debts\u201d, the governor of the central bank said on Thursday.<\/p>\n

\u201cI\u2019m not going to hide it from you. We used our reserves to pay these small creditors,\u201d the governor of the Bank of Mozambique, Roge\u0301rio Zandamela, said on Thursday during a press conference on the results of the meeting of the Monetary Policy Committee (CPMO) of the Mozambican financial regulator.<\/p>\n

\u201c$46 million [\u20ac42.5 million euros] or 45 million dollars [41.6 million euros] were disbursed, which we ended up using for this,\u201d \u201cfor our banks,\u201d which include BIM, Moza Banco and BCI, Zandamela continued.<\/p>\n

He said that the agreement with the Mozambican banks that lent money to the Proi\u0301ndicus project was the result of an understanding between the state and UBS, the institution that acquired Credit Suisse, also a Proi\u0301ndicus creditor.<\/p>\n

The governor of the Bank of Mozambique maintained that the Mozambican creditors were not in a position to write off the Proi\u0301ndicus debt, because it would mean giving up important resources for the Mozambican financial system.<\/p>\n

\u201cClearly, [the Mozambican financial system] was not in a position to forgive this debt [because], to forgive, in the banking system, means to remove this debt from the portfolio,\u201d he emphasised.<\/p>\n

Roge\u0301rio Zandamela emphasised that UBS had forgiven part of Proi\u0301ndicus\u2019 debt, describing the operation as a relief for the Mozambican state, but did not specify the sums involved.<\/p>\n

\u201cThe government played its part, made its reduction and a part [of the debt] was forgiven, the banks lost, but not everything,\u201d Zandamela emphasised.<\/p>\n

Mozambique paid $142 million (\u20ac130 million), mainly by issuing domestic debt, to financial institutions as part of an out-of-court settlement to end a dispute in the London Commercial Court over \u201chidden debts\u201d, according to information from the International Monetary Fund (IMF) consulted in January by Lusa.<\/p>\n

In its report on the payment of the aforementioned amount, the IMF states that \u201c\u201cin an effort to reinforce governance and transparency and resolve costly disputes related to loans to public companies\u201d, the Mozambican authorities \u201creached an extrajudicial agreement on part of the Proindicus debt in October 2023\u201d.<\/p>\n

\u201cThe settlement covers about $522 million of the outstanding principal and entails a cash component (US$46 million dollars) and issuance of domestic T-bonds (MZN 6.2 billion at 6-year maturity; equivalent to US$96 million),\u201d reads the IMF report<\/b> on the evaluation of the assistance program to Mozambique.<\/p>\n

Mozambique previously announced that it had paid $130 million (\u20ac119.1 million) to financial institutions as part of an out-of-court settlement with Credit Suisse to end a legal dispute in the London Commercial Court over the \u201chidden debts\u201d case.<\/p>\n

The country is demanding $3.1 billion (\u20ac2.8 billion) in damages, compensation and indemnity from the shipping group Privinvest and its owner, Iskandar Safa, whom it accuses of paying bribes to public officials, including former finance minister Manuel Chang, who signed the sovereign guarantees on the loans.<\/p>\n

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

Africa-Press – Mozambique. The Bank of Mozambique has paid at least $45 million (\u20ac41.6 million) to national financial institutions that lent money to Proi\u0301ndicus, a company that benefited from so-called \u201chidden debts\u201d, the governor of the central bank said on Thursday. \u201cI\u2019m not going to hide it from you. We used our reserves to pay […]<\/p>\n","protected":false},"author":84,"featured_media":59090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-59091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nCentral bank pays $45 million to Proindicus\u2019 national creditors - Mozambique<\/title>\n<meta name=\"description\" content=\"The Bank of Mozambique has paid at least $45 million (\u20ac41.6 million) to national financial institutions that lent money ...\" \/>\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\/central-bank-pays-45-million-to-proindicus-national-creditors\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central bank pays $45 million to Proindicus\u2019 national creditors\" \/>\n<meta property=\"og:description\" content=\"The Bank of Mozambique has paid at least $45 million (\u20ac41.6 million) to national financial institutions that lent money ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-pays-45-million-to-proindicus-national-creditors\" \/>\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=\"2024-04-15T17:11:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-15T17:52:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/04\/sm_1713187022.184385.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1728\" \/>\n\t<meta property=\"og:image:height\" content=\"1074\" \/>\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\/central-bank-pays-45-million-to-proindicus-national-creditors#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-pays-45-million-to-proindicus-national-creditors\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Central bank pays $45 million to Proindicus\u2019 national creditors\",\"datePublished\":\"2024-04-15T17:11:29+00:00\",\"dateModified\":\"2024-04-15T17:52:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-pays-45-million-to-proindicus-national-creditors\"},\"wordCount\":514,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-pays-45-million-to-proindicus-national-creditors#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/04\/sm_1713187022.184385.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-pays-45-million-to-proindicus-national-creditors#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-pays-45-million-to-proindicus-national-creditors\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-pays-45-million-to-proindicus-national-creditors\",\"name\":\"Central bank pays $45 million to Proindicus\u2019 national creditors - 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