Maputo, 3 Jul (AIM) – The total direct debt stock of Mozambique’s State Owned Companies, in the first quarter of 2024, fell by 1.6 per cent when compared to the fourth quarter of 2023, from 39 billion Meticais to 38.4 billion Meticais (from 612.4 million dollars to 603 million dollars, at the current exchange rate).
According to the Public Debt Report for the first quarter of 2024, issued by the Ministry of Economy and Finance (MEF), this performance is essentially due to the 3.34 per cent reduction in the stock of direct domestic debt, largely due to the fulfillment of debt servicing, as well as the adoption of the measure of contracting new financing only when it is essential and duly substantiated.
“The stock of the State Owned Companies’ Direct Domestic Debt stood at 20.9 billion Meticais, representing a reduction of 722.3 million Meticais (3.34 per cent) compared to the fourth quarter of 2023. This variation results from the contraction of the debt stock of both subsidiary companies by 559.18 million Meticais (5.89 per cent) and public companies by 163 million Meticais (1.34 per cent) compared to the previous quarter”, reads the document.
On the other hand, the document notes that the State Owned Companies’ External Debt increased by 0.36 percent, from 273.5 million dollars in the fourth quarter of 2023 to 274.5 million dollars, as a result of the increase in the stock of 8.83 million dollars relating to the Electricity Company (EDM), which can be justified by the depreciation of the South African Rand against the US Dollar and 2.5 million USD recorded by the telecommunications company (TMCEL), explained by the accumulation of arrears with the South African Development Bank.
According to the note, the companies that stood out most as a result of their contribution to reducing the stock of domestic debt were: the fuel company Petromoc, whose balance fell by 512.52 million meticais (81.86 per cent) and Airports of Mozambique, which paid off 152.98 million meticais, equivalent to a 4.75 per cent reduction.
(AIM)
Ad/pf (341)
