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MOZAMBIQUE: Another devastating attack disrupts LNG development

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Since 24 March, Palma, the northern town closest to Mozambique’s landmark Afungi LNG development, has been under attack by insurgents. As a result, Total has been forced to again suspend work on its USD 20bn LNG development project, just days after announcing a resumption of oper…   Become a member to read the rest of […]

MOZAMBIQUE: Debt court case backfires against president

MOZAMBIQUE: Debt court case backfires against president | Speevr

While accountability in Mozambique’s infamous USD 2bn debt scandals has been elusive for years, for the first time President Filipe Nyusi has been directly linked to the scandals in an ongoing court case in London. Even if the legal ramifications will likely be very limite…   Become a member to read the rest of this […]

MOZAMBIQUE: Dramatic escalation of security threat to LNG ventures

MOZAMBIQUE: Dramatic escalation of security threat to LNG ventures | Speevr

Total evacuated most of its personnel from Palma and the Afungi peninsula last week, ahead of insurgent attacks on the doorstep of its LNG site on 1 January. Total’s unprecedented measure and extensive insurgency-related disruption to transport along mainland and maritime ro…   Become a member to read the rest of this article

MOZAMBIQUE: Cabo Delgado conflict edging closer to LNG hub

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Recent insurgent attacks have fueled fears that the conflict may encircle Palma – and by extension, the LNG hub under development on the adjacent Afungi peninsula. More frequent and prolonged attacks reflect the insurgents’ improved manpower, armament, and financing, whi…   Become a member to read the rest of this article

MOZAMBIQUE: Default noise not credible

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A report that the government would suspend interest payments on its USD 900mn Eurobond appears to be false. Officials at the Ministry of Economy and Finance (MEF) have been quick to state that the government intends to make the USD 22.5mn coupon payment due in September. While Mo…   Become a member to read the […]

MOZAMBIQUE: IMF emergency aid promises slight relief amid troubled outlook

Teneo-Europe-Report

On Friday, 24 April, the board of the International Monetary Fund (IMF) approved a disbursement of USD 309mn under the Rapid Credit Facility (RCF) to support Mozambique’s “urgent balance of payment and fiscal needs stemming from the COVID-19 pandemic.” Together with the G20 debt …   Become a member to read the rest of this article

MOZAMBIQUE: More than one emergency

Teneo-Europe-Report

In a late-night session on 31 March, the National Assembly approved President Filipe Nyusi’s state of emergency declaration, which applies from 1 to 30 April, in response to the Covid-19 pandemic. However, Mozambique now faces multiple emergencies: not only the pandemic itself bu…   Become a member to read the rest of this article

MOZAMBIQUE: IMF mission delayed

Teneo-Europe-Report

The International Monetary Fund (IMF) has postponed its planned negotiating mission to Maputo on account of the COVID-19 pandemic. While this injects uncertainty into the question of timing, both the IMF and government seem intent on concluding a new financing deal eventually. …   Become a member to read the rest of this article

MOZAMBIQUE: Return of IMF financing on the horizon

Teneo-Europe-Report

● The International Monetary Fund (IMF) has confirmed that it has received a formal request from Mozambique for a new Policy Support Instrument (PSI) and Stand-by Credit Facility (SCF). ● A return of IMF funding, which was suspended in 2016, would be a major step towards resto…   Become a member to read the rest […]

MOZAMBIQUE: What to expect from Nyusi’s second term

Teneo-Europe-Report

● Familiar cabinet line-up suggests President Filipe Nyusi’s second term will look much like the first. However, the backdrop differs for these reasons: ● While Nyusi’s first term was characterized by a corruption-induced financial crisis, the economy and the mega-LNG projects…   Become a member to read the rest of this article