Mozambique - 01

Mozambique: VTB Accuses Mozambican Government of Deception Over Debt

On 14 October Yuriy Soloviev, the head of VTB Capital and first deputy chief executive officer of VTB Group, stated that “the [Mozambican] government deceived us [VTB]”. VTB Bank is one of the banks along with Credit Suisse that provided loans totaling $2.2bn to the state companies EMATUM, ProIndicus, and Mozambique Asset Management. These loans were backed by a sovereign guarantee. According to Soloviev, the government’s deception was due to the state-guaranteed debts not being disclosed to investors and the International Monetary Fund (IMF).

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