Government invested a total of 3.7 billion meticals (57.3 million dollars) between 2020-23 to financially rescue two public institutions in the aviation sector: Aeroportos de Moçambique (ADM) and Linhas Aéreas de Moçambique (LAM).
According to a document from the Ministry of Economy and Finance, shared by Lusa, the low profitability and lack of liquidity of some companies in the State Business Sector (SEE) has resulted in the accumulation of payment delays, which could result in additional charges to the State Budget.
‘Systematically, ADM, Moçambique Telecom (Tmcel) and LAM recorded delays in payments with internal and external creditors, which totalled around 3.9 billion meticals in 2023,’ the document explains.
In June, the government revealed that the total indebtedness of the State Business Sector fell by almost 2 per cent in the first quarter of this year, standing at 601.8 million dollars.
In specific terms, a report on the evolution of Mozambique’s public debt highlighted, for example, that the state oil company Petróleos de Moçambique (Petromoc) reduced its internal debt by 512.5 million meticals in three months, maintaining a total stock of 113.5 million meticals.
‘The internal debt contracted by state-owned companies was led at the end of March by the company Linhas Áreas de Moçambique, with 6.8 billion meticals,’ he added.
