20 Jul

IMF urges Mozambique to address debt audit concerns

Mozambique should take steps to address information gaps that remained regarding the use of loans granted to three state-owned companies, the International Monetary Fund said.

The IMF visited Mozambique from July 10-19 to discuss findings of an audit by risk-management firm Kroll into the country’s $2 billion in hidden loans to tuna fishing company EMATUM, security firm Proindicus and Mozambique Asset Management (MAM).

The audit showed roughly a quarter of the money remained unaccounted for.

“The team urged the government to take steps to fill the information gaps and to enhance its action plan to strengthen transparency, improve governance, and ensure accountability,” the fund said in a statement late on Wednesday.

[via Reuters Africa]