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Mozambique

French fossil imperialism, South African subimperialism and anti-imperial resistance

15 December 2022 - by Patrick Bond

Abstract As protest against TotalEnergies stretching from South Africa’s Cape coastline to eastern Uganda rises, the main Big Oil target of African climate activists is facing an historic choice. It can continue long-standing patterns of (...)
Immediately cancel Mozambique and Southern Africa’s debt!

6 February 2022 - by CADTM

The CADTM stands in solidarity with the victims of the devastation caused by Tropical Storm Ana. Indeed, the storm brought winds, heavy rains, damage and destruction to parts of Madagascar, Mozambique, Malawi and Zimbabwe, affecting several (...)
Mozambique: Credit Suisse fined $475 million and cancels $200 million of hidden debts

29 October 2021 - by Tim Jones

US authorities and the UK Financial Conduct Authority have collectively imposed a fine of $475 million on Credit Suisse for its role in the hidden debt scandal in Mozambique. Credit Suisse has also agreed to cancel $200 million of debt owed to (...)
Global North ‘climate reparations’ to prevent Southern fossil-fuel conflict

19 August 2021 - by Patrick Bond

Abstract The climate crisis is amplified by socio-political and economic injustices everywhere but in 2021, perhaps nowhere as acutely as northern Mozambique. There, the Cabo Delgado province is a site for military intervention against Islamic (...)
Mozambique : Credit Suisse is liable for the $2 bn secret debt

17 March 2020 - by Joseph Hanlon

Strenuous efforts by donors and lenders over four decades turned Mozambique from a socialist success story into a neoliberal capitalist one. The private sector dominates; a domestic elite dependent on foreign companies has been created. But a (...)
Poor countries cut public spending, debt payments trebled

17 January 2020 - by Jubilee Debt Campaign

Figures calculated by Jubilee Debt Campaign from IMF and World Bank data show that growing debt burdens are contributing to public spending cuts. For the 15 countries spending over 18% of revenue on debt payments, 14 saw public spending cuts (...)
Mozambique: impact of Cyclone Idai boosts case for non-repayment of secret loans, says UN rights expert

4 April 2019 - by Juan Pablo Bohoslavsky

GENEVA (29 March 2019) – “The realisation of economic, social and cultural rights in Mozambique should not be jeopardised by the servicing of the country’s debt and in particular its ‘secret loan’ component. Human rights and devastating impacts of (...)
Mozambique needs urgent action on debt crisis following Cyclone Idai

22 March 2019 - by Jubilee Debt Campaign

Cyclone Idai has caused huge destruction and loss of life in Mozambique, Malawi and Zimbabwe. The true extent of the disaster is not yet known. Below are reactions from partner organisations of Jubilee Debt Campaign in Mozambique, followed by (...)
Mozambique files case against Credit Suisse in the UK

1 March 2019 - by Jubilee Debt Campaign

Jubilee Debt Campaign has learnt that the government of Mozambique, represented by the Attorney General, has filed a case in the UK High Court against Credit Suisse International. Commenting on the case, Tim Jones, policy officer at Jubilee (...)
What we have learned from the US indictment on odious loans to Mozambique

23 January 2019 - by Tim Jones

Yesterday (3 jan 2019) three former employees of Credit Suisse were arrested in London over $2 billion of odious loans to three state owned companies in Mozambique, given in 2013. The loans were given to companies with no revenue, and were not (...)
‘Outrageous’ Mozambique debt deal could make 270% profit for speculators

8 November 2018 - by Tim Jones

People of Mozambique to pay $1.7 billion to $2.2 billion on original loan of $760 million, which was not agreed by Mozambique parliament, and which has been of no benefit The government of Mozambique has announced it has reached an agreement (...)
Mozambique forced to restructure after debt default

27 March 2018 - by Abayomi Azikiwe

Economic growth proves unsustainable for the Southern African state of Mozambique in present world situation due to financial implications that have been going on for some time now. Since 2014 many energy producing emerging states in Africa (...)
Mozambique’s illegitimate hidden debt

6 September 2017 - by Claude Quémar

The report on the audit on Mozambique’s “hidden” debt (2 billion dollars) made at the request of the Attorney General of Mozambique, began to circulate in late June 2017, several months behind schedule. Only the findings are currently available. (...)
The unexpected Mozambican debt crisis: illegitimate debt back on the international agenda

17 August 2017 - by Bodo Ellmers

Mozambique’s default on commercial loans worth US$2bn has triggered the latest - and arguably most shocking - African debt crisis in recent times. While nearly all African countries suffer from low commodity prices and rising credit costs, the (...)
Mozambique should not pay the hidden debt

4 August 2017 - by Joseph Hanlon

English version of Portuguese article published in Savana, Maputo, 28 July 2017-07-30 by the Budget Monitoring Forum (Forum de Monitoria do Orçamento). The Mozambican government should not pay $1157 million in 2013-4 hidden loans to MAM and (...)
The Mozambican debt crisis: How a sovereign state was sold

9 February 2017 - by Mary Serumaga

In 2013 Mozambican government officials formed three private companies and took out illegal secret loans totaling $2 billion. Donors suspended credit to Mozambique because of the loans as the national currency fell by 70% in 2016. Restructuring (...)
Mozambique defaults on its debt

3 February 2017 - by Jubilee Debt Campaign

Mozambique’s secret loans crisis has entered a new phase after the government missed a payment on its debts. Can you take action now in solidarity with campaigners in Mozambique? The country was thrown into crisis last year by the revelation (...)
Campaigners demand Credit Suisse ‘comes clean’ as Mozambique defaults

19 January 2017 - by Jubilee Debt Campaign

The Mozambique government has said it will not make a $60 million interest payment due on 18 January On 17 January, campaigners from the Jubilee Debt Campaign handed in a call from 900 people for Credit Suisse to “come clean” about its (...)
Campaigners in Mozambique call for non-payment of hidden debts

15 June 2016 - by Jubilee Debt Campaign

A group of 26 organisations in Mozambique have asserted that the $1.86 billion of the country’s debts at the centre of a growing international controversy were contracted illegally and should not be paid. The campaigners make the claim about (...)
Hoping ’something will turn up’

13 June 2016 - by Joseph Hanlon

Mozambique, long touted as an African “success story”, is sinking under debt. International lenders and donors have been angered by revelations of at least $2.3 billion in secret loans taken in 2013-4. Inflation is rising and so is the cost of (...)
Japan

Japanese civil society statement on ProSAVANA Call for an Immediate Suspension and Fundamental Review

10 November 2013 - by Attac Japan, Others

Mr. Fumio Kishida, Foreign Minister, Ministry of Foreign Affairs of Japan Mr. Akihiko Tanaka, President, Japan International Cooperation Agency Japanese civil society statement on ProSAVANA Call for an Immediate Suspension and Fundamental (...)
Dogmatic Development: Privatisation and conditionalities in six countries

7 April 2004 - by War on Want, PSIRU

This report looks at how conditionalities and pressures from aid agencies and development banks force developing countries to adopt privatisation policies in public services. It focuses specifically on the sectors of water, electricity, and (...)