BUSINESS SILENCE & EMATUM

The International Monetary Fund recently warned that the debt EMATUM is damaging the Mozambican economy. But in the country, few dare to speak publicly on the matter.

In Mozambique, analysts and academics fear publicly address the issue of sustainability of the Mozambican company Tuna (EMATUM), for fear of reprisals.

In 2013, the company contracted a debt of  850 million $, guaranteed by the Mozambican Executive earlier. But in the first year of activity, EMATUM incurred losses. Having no means to pay the loans, the State was forced to intervene, already paying off part of the debt in 2015.

The subject seems so delicate that "see, hear and shut up" have become watchwords for those who want to avoid problems.

Among the sources contracted by DW Africa, some prefer silence; others commented on the matter without, however, allow the recording of statements, fearing as a way his words could be perceived by the parties involved directly and indirectly in the EMATUM business.

Fernando Lima was the only interviewee who, in a fearless manner, agreed to address the matter. The journalist of the weekly "Savana" supports the need for an open and frank debate on the EMATUM business boundaries, to put an end to suspicions that still prevail on the legality of the investment.

"(The business of) EMATUM was conducted with great lack of transparency and due to that, there are always great suspicion - even if they are simple acts of management that would not raise suspicion if they were treated in another company that did not have this name," says Lima .

EMATUM affect economy, says IMF

The EMATUM business has been the target of harsh criticism from international organizations. Recently, the International Monetary Fund (IMF) announced that the Government's efforts on debt have a negative impact on the economy, contributing, for example, to the fall in net international reserves.

Fernando Lima believes that EMATUM is a "white elephant" for the Mozambican economy, but remember that "not only cause" of macroeconomic problems of the country.

The journalist believes that the country follow in full the recommendations of the International Monetary Fund and strictly implement monetization measures EMATUM, the country can stabilize its economy, currently shaken by the depreciation of the national currency, the metical.

According to the IMF, the Mozambican Executive expected to adopt an action plan to improve the profitability of EMATUM until April this year.

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