The Government of Mozambique decided to proceed with the process of restructuring illegal debts.
The renegotiation of MAM's debt (originally $535 million) is now almost finalized through an agreement in principle reached with Russian bank VTB.
Considering the illegal conditions under which these debts were contracted, the fraudulent/corrupt and criminal behavior of those involved (including senior Mozambican employees and international bankers) and the cost that the payment of debts would represent for the country, the CIP proposes that it be canceled any payment plan for these debts until all the details regarding their contracting and the conclusion of ongoing legal proceedings are clarified, with a view to punishing criminals.
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