(Bloomberg) -- Lazard Freres SAS is wrapping up talks with the Mozambican government for a planned meeting with creditors, said the bank that's advising authorities on debt restructuring.
“We are finalizing our discussions with the authorities and should be able to inform all creditors very shortly,” Michele Lamarche, managing director at Lazard in Paris, said in reply to emailed questions Thursday.
Mozambique's government plans to meet holders of about $2 billion of its commercial debt to discuss restructuring next month in London, Portuguese news agency Lusa reported earlier, citing Finance Minister Adriano Maleiane. A spokesman for the ministry didn't respond to calls and an email seeking comment.
The government in 2016 admitted to $1.4 billion of previously undisclosed loans, prompting the International Monetary Fund to withdraw financing, while foreign donors withdrew direct budget support. Mozambique said in October that year it couldn't afford to service its commercial debt and wanted to restructure it. The government hasn't met its obligations on the debt since the start of 2017.
To contact the reporter on this story: Matthew Hill in Johannesburg at mhill58@bloomberg.net.
To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net, Paul Richardson, Helen Nyambura
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