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Mozambique agrees to pay $220m in latest ‘hidden debts’ settlement

The first $125m to VTB and Portugal’s BCP is due this week, with the balance to be paid by the end of September

The Mozambique Ministry of Finance in Maputo. Credit: Rick McCharles

Mozambique has agreed to pay $220 million to the banks behind the disputed $535m loan to failed state-owned shipping company Mozambique Asset Management (MAM). The country must pay the first instalments, worth $125m, by tomorrow, 28 June 2024, with the rest due by the end of September.

The settlement reached with Russian-owned banks VTB Capital (VTBC) and VTB Europe (VTBE), and Portugal’s BCP, was approved by Mozambique’s Council of Ministers on 18 June, according to a copy of Mozambique’s government gazette, the Boletim da República, dated 20 June but not yet published, seen by Zitamar News.

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