Maputo again postpones debt crisis audit report
Failure to tackle $2bn scandal dents confidence
Attempts by Mozambique's government to boost flagging confidence in the country took another blow this week with the third postponement of the release of an audit report on how three state-owned firms raked in about $2-billion in undeclared debt. Mozambique first sold bonds four years ago to finance its state-owned fishing company, Ematum, but was later found to have spent the bulk of the funds on naval vessels and other security equipment. The scandal, during former president Armando Guebuza's rule, led the International Monetary Fund to suspend funding. When the level of debt was publicly revealed last year, John Ashbourne from London-based Capital Economics said there was a huge change in sentiment towards the country.
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