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# Mozambique 5 Oct: The gas can’t come soon enough
- URL: https://www.zitamar.com/mozambique-5-oct-the-gas-can-t-come-soon-enough/
- Published: 2016-10-05T00:00:00.000Z
- Updated: 2016-10-05T00:00:00.000Z
- Author: Zitamar Ltd
- Tags: Newsletter, #substack, #substack-type-newsletter, #substack-access-everyone, #Import 2023-04-06 20:43

Good afternoon. There has been significant progress over the last week towards a final investment decision on one of the huge Rovuma Basin LNG projects. Nevertheless - and [despite what a deputy minister said last week](http://allafrica.com/stories/201610010146.html?ref=zitamar.com) \- Mozambique’s financial crisis is unlikely to end any time soon.

**SEE: [Eni aims for Mozambique FLNG decision this month – but finance package will lag](http://zitamar.com/eni-aims-mozambique-flng-decision-month-finance-package-will-lag/?ref=zitamar.com)**

**SEE: [Eni signs 20-year deal to sell Mozambique gas to BP](http://zitamar.com/eni-signs-20-year-deal-sell-mozambique-gas-bp/?ref=zitamar.com)**

The goal of getting first gas by 2021, however, is now no longer possible - meaning the IMF’s somewhat fantastical prediction of 34% economic growth in 2021 has been revised. Their new prediction is much more modest - but of course, anything could happen between now and then.

**SEE: [IMF slashes Mozambique growth forecast on gas project delays](http://zitamar.com/imf-slashes-mozambique-growth-forecast-gas-project-delays/?ref=zitamar.com)**

For instance, the discovery of more secret debts. Aeroportos de Moçambique’s $300m debt doesn’t quite fall into that category, but most of it does benefit from government guarantees that have not been accounted for in Mozambique government debt figures.

**SEE: [Mozambique airport company accounts reveal $300m state-backed borrowing](http://zitamar.com/mozambique-airport-company-accounts-reveal-300-m-state-backed-borrowing/?ref=zitamar.com)**

AdM borrowed not just internationally but also at home, from banks including Moza Banco which now finds itself under central bank administration after its financial situation became unsustainable.

**SEE: [Mozambique’s fourth-largest bank under emergency administration](http://zitamar.com/mozambiques-fourth-largest-bank-emergency-administration/?ref=zitamar.com)**

Moza is also rumoured to be one of the banks which lent to Mozambique Asset Management (MAM) - whose government guarantee has not so far been honoured. The central bank says there will be no contagion from Moza’s failure - it would be irresponsible to say anything else - but its peers have made many of the same mistakes it did, betting that Mozambique was on a one-way ride to riches.

**SEE: [Bank of Mozambique seeks buyer for ailing Moza Banco](http://zitamar.com/bank-mozambique-seeks-buyer-ailing-moza-banco/?ref=zitamar.com)**

Have a great week.  

### RECENT POSTS

- [IMF slashes Mozambique growth forecast on gas project delays](http://zitamar.com/imf-slashes-mozambique-growth-forecast-gas-project-delays/?ref=zitamar.com)
- [Mozambique airport company accounts reveal $300m state-backed borrowing](http://zitamar.com/mozambique-airport-company-accounts-reveal-300-m-state-backed-borrowing/?ref=zitamar.com)
- [Eni signs 20-year deal to sell Mozambique gas to BP](http://zitamar.com/eni-signs-20-year-deal-sell-mozambique-gas-bp/?ref=zitamar.com)
- [Eni aims for Mozambique FLNG decision this month – but finance package will lag](http://zitamar.com/eni-aims-mozambique-flng-decision-month-finance-package-will-lag/?ref=zitamar.com)

[Mozambique’s fourth-largest bank under emergency administration](http://zitamar.com/mozambiques-fourth-largest-bank-emergency-administration/?ref=zitamar.com)