May 17, 2019 / 9:31 AM / 4 months ago

IMF: Mozambique debt talks with Russia's VTB on MAM loan "almost finalized"

LONDON, May 17 (Reuters) - Mozambique's restructuring discussions with Russian lender VTB over a loan to the state-owned Mozambique Asset Management (MAM) are in the final stretch, the International Monetary Fund (IMF) said in its latest country report.

Mozambique has been battling to recover from a debt crisis after admitting in 2016 to $1.4 billion of previously undisclosed lending, much of which was supposed to be spent on a tuna fishing fleet. VTB had been the lead arranger for a $535 million loan to MAM.

"The authorities are in good-faith discussions with private creditors to restructure Mozambique's Eurobond and previously hidden loans," the IMF wrote in the report.

"Restructuring discussions with VTB on the MAM loan are almost finalized."

Reporting by Karin Strohecker; Editing by Tom Arnold

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