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This April, Mozambique’s parliament, which is controlled by the ruling FRELIMO party, retrospectively endorsed the previously hidden borrowing.
This was widely seen as a pre-emptive move by the government to exonerate itself from wrongdoing.
The story of Mozambique’s debt scandal began in 2013, when the government began raising billion for projects around tuna fishing and maritime security.
That sum is equivalent to about one-third the national budget and violated debt commitments made to the IMF that same year.
Allegations are especially sensitive ahead of the September party congress at which the party leader is selected.
In April 2016, the IMF, alongside key donors, suspended its programme.“Privinvest has clearly done very well out of this deal, which it is now trying to replicate in Angola,” says Tom Bowker, editor of Mozambique’s Zitamar News.“Perhaps one of the more interesting things we can expect in the full [Kroll] report, if it is ever made public, is how Privinvest was involved in the financing deals from the outset.” However, while investigations have uncovered some details of the loans, many facts remain unknown.Indeed, despite the 0 million that Credit Suisse and VTB earned in arranger and contractor fees, they reportedly failed to disclose to investors that the absence of parliamentary approval rendered the sovereign guarantees unconstitutional and illegal.Furthermore, the Kroll audit found no evidence that sufficient assessments took place before the signing of the guarantees.