Latest news with #Chapo
South China Morning Post
05-07-2025
- Business
- South China Morning Post
Mozambique mulls asking China to rework US$1.4 billion debt after unrest hits economy
Cash-strapped Mozambique is open to asking China to restructure the US$1.4 billion it owes its biggest bilateral creditor, President Daniel Chapo said. The gas-rich southeast African nation's economy contracted for two straight quarters after disputed October elections triggered violent protests that left hundreds died and saw factories and shops burned and looted. The unrest hit public revenues, heaping pressure on the state to stay current on debt payments and amplifying questions about sustainability. Some bilateral creditors have already expressed interest in supporting Mozambique through forgiving debts, Chapo said. 'Rescheduling or even forgiveness of the debt we have with our largest bilateral creditor is not an outlandish idea,' he said, when asked if the nation was considering requesting China to restructure its loans. 'Of course, this will always be done within the framework of partnership, within the existing agreement, as we are a serious country that strives to honor its commitments.'
The Star
25-06-2025
- Politics
- The Star
Mozambique marks 50th anniversary of independence with call for economic independence
MAPUTO, June 25 (Xinhua) -- Mozambique held a grand ceremony on Wednesday at Machava Stadium in Matola, Maputo Province, to commemorate the 50th anniversary of the country's independence from Portuguese colonial rule. Mozambican President Daniel Chapo lit the flame of national unity and delivered a keynote speech at the ceremony. He reviewed the progress Mozambique has made since gaining independence, highlighting remarkable achievements in education, healthcare, infrastructure, and gender equality. Chapo emphasized that the country's future governance efforts will focus on laying the foundation for economic independence. The president also acknowledged multiple challenges facing Mozambique, including instability in the northern regions, persistent poverty and unemployment among youth, frequent natural disasters, and corruption affecting both public and private institutions. Thousands of people participated in the celebration, which featured cultural performances, an awards ceremony, a parade of formations, and displays by military and police honor guards. Presidents, vice presidents, parliamentary speakers, and ministers from countries including Tanzania, Portugal, Guinea-Bissau, and Zimbabwe attended the ceremony.
The Star
15-05-2025
- Business
- The Star
Mozambique launches agricultural marketing campaign for food security, self-reliance
MAPUTO, May 15 (Xinhua) -- Mozambican President Daniel Chapo launched the 2025 Agricultural Marketing Campaign on Thursday in Sussundenga District of Manica Province, aiming to boost food security and the country's economic independence. "Mozambique is laying the foundation for its economic independence, where economic diversification is key to reducing our dependence on volatile markets," Chapo said at the launch ceremony. The campaign targets a production increase of over one million tons and a five percent rise in agricultural commercialization, under the slogan "Agricultural Marketing as a Driver of Local Economy and Industrialization." The government has approved an Economic Recovery Fund worth over 319 million Mozambican meticais (around 5 million U.S. dollars) to assist small and medium-sized enterprises. It is also developing a new commercial regulation and an integrated marketing plan to address value chain bottlenecks. Despite challenges including cyclones and a 4.9 percent drop in GDP, Chapo praised farmers for their resilience. "If not for the resilience of the Mozambican people, the 4.9 percent negative growth in our GDP would have been even worse," he said. The president also urged youth to engage in the sector. "Use digital platforms, form cooperatives, and bring forward value-added proposals," he added.
Yahoo
25-03-2025
- Business
- Yahoo
Mozambique Opposition Head Says He And President Agree to Peace
(Bloomberg) -- Mozambique's most prominent opposition leader, who's orchestrated months of demonstrations that have battered the country's economy, said he agreed with the president to end post-election violence that's left hundreds of people dead. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs Libraries Warn They Could Be 'Cut off at the Knees' by DOGE Venâncio Mondlane, who officially came second to the ruling party's Daniel Chapo in October's presidential election, said the two reached a deal-in-principle at a meeting in Maputo, the capital, on Sunday. 'We agreed to end violence immediately — violence against my supporters, violence inflicted upon police officers, members of the ruling party Frelimo, or any other individuals who do not share our ideas,' Mondlane said of the meeting in a livestream late Monday. 'We agreed 100% on that.' The informal truce marks the most important step in restoring social and political stability in the gas-rich southeast African nation, after months of unprecedented protests against the election that extended the ruling party's five-decade rule. The unrest has unsettled investors and squeezed the government's already tight finances, as the economy shrank in the final quarter of 2024. While Chapo met other party leaders earlier this month and reached an initial agreement with them over a path to peace, Mondlane's exclusion from those discussions raised doubts over its impact. He's by far the most popular opposition figure, and the driving force behind the protests. 'The significance of Mr. Chapo's meeting with Mr. Mondlane cannot be overstated,' Louw Nel, an analyst at Oxford Economics, said in a note to clients Monday. 'Images of a smiling Mr. Mondlane shaking a smiling Mr. Chapo's hand on Sunday were particularly striking.' Google Is Searching for an Answer to ChatGPT The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers Tesla's Gamble on MAGA Customers Won't Work ©2025 Bloomberg L.P.
Yahoo
24-03-2025
- Business
- Yahoo
Mozambique President Meets Opposition Leader Mondlane for First Time
(Bloomberg) -- Mozambican President Daniel Chapo met the nation's most prominent opposition leader for the first time since a disputed October election that sparked unprecedented unrest in the southeast African nation. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs New York Subway Ditches MetroCard After 32 Years for Tap-And-Go Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style Chapo and Venâncio Mondlane met Sunday night in the capital, Maputo, 'to discuss solutions to the challenges facing the country,' the presidency said in a statement posted to its website. S&P Global Ratings on Friday cut its assessment of the country's local-currency loans to 'selective default,' deeming a debt swap earlier this month to be distressed. 'The president of the republic's gesture of dialogue with Venâncio Mondlane symbolizes the will to build bridges and promote an open and constructive dialogue,' the presidency said. 'The willingness to discuss common solutions also represents a significant step forward in the search for a peaceful, united Mozambique committed to collective progress.' The meeting is a significant step in Chapo's efforts to restore stability in the gas-rich nation. Mondlane orchestrated nationwide demonstrations after claiming Chapo's party stole the election that extended its five-decade rule. At least 361 people died in the demonstrations, most killed by police bullets, according to Decide Platform, a local rights group tracking the violence. The economic fallout from the unrest worsened Mozambique's already tight finances. 'Mozambique's fiscal position remains weak as spending pressures continue to mount,' said S&P analysts including Giulia Filocca. 'A contentious socioeconomic backdrop will weigh on the government's efforts to consolidate its fiscal position.' A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers Tesla's Gamble on MAGA Customers Won't Work One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream The Real Reason Trump Is Pushing 'Buy American' ©2025 Bloomberg L.P.
