Maputo, 1 Apr (AIM) – The Mozambican Minister of Mineral Resources and Energy, Estêvão Pale, has acknowledged that companies operating in the fuel sector are facing difficulties in obtaining guarantees from commercial banks to import fuel into the country as a result of a shortage of foreign currency, particularly of US dollars.
Recently, the country’s publicly owned fuel company, Petromoc, warned that the shortage of foreign currency is compromising the import of liquid fuels, after several fuel pumps ran out of both petrol and diesel.
According to Pale, who was speaking on Monday, in the tourist resort of Ponta Do Ouro, in Maputo province, on the sidelines of the launch of a debate on legislative reforms in the mining and energy sector, the lack of fuel in some cities is indeed caused by a shortage of foreign currency.
However, he guaranteed there is still fuel in the country “and what is happening is that some gas stations are experiencing difficulties in obtaining guarantees from banks so that the fuel can be made available to the market.
The critical shortage of fuel has already been reported in the central city of Beira and the northern city of Pemba. This shortage has led to speculators selling liquid fuels at inflated prices.
“But this problem is being handled, not only with commercial banks but also by the central bank, which guarantees that there is enough currency for this”, he said.
The shortage of foreign currency is also affecting the baking industry as some companies are facing difficulties in importing raw materials, particularly wheat. Mozambique produces very little wheat, and is thus overwhelmingly dependent on imports to make bread and pasta.
“Alarm bells are starting to ring from the private sector regarding the possible impacts caused by the lack of foreign currency on the national financial market”, said the chairperson of Mozambican Bakers’ Association, Vítor Miguel.
He warned that flour mills that are unable to obtain imported wheat may be forced to close.
Last February, 63 companies submitted pending requests to the Confederation of Business Associations of Mozambique (CTA) for the payment of import invoices for raw materials and goods, some of which have been awaiting settlement for more than six months due to a shortage of foreign currency in the commercial banks.
(AIM)
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