Press Release No. 17/243

IMF Statement on the Publication of the Summary of the Audit Report on Mozambique’s Undisclosed Loans

June 24, 2017

The International Monetary Fund (IMF) welcomes the Mozambique Public Prosecutor's statement on the audit report of the Ematum, Proindicus and MAM public companies prepared by Kroll, and the release of a detailed summary of the audit report today. The publication of these documents constitutes an important step towards greater transparency regarding the loans amounting to $2 billion by these three public companies.

The report summary provides useful information on how the loans were contracted and on assets purchased by the companies. However, information gaps remain, in particular on the use of the loan proceeds. An IMF staff mission will visit Mozambique on July 10 -19 to discuss the results of the audit with the authorities and possible follow-up actions; including working with the authorities to address concerns related to the management of public resources. The mission will also use the visit to Maputo to reassess the macroeconomic situation and to discuss the authorities’ priorities regarding the 2018 budget.