A key player in the
economic trajectory of the country, Eneas Comiche retreats in the past and
explains how liberalization has destroyed the industrial base. He also speaks
of Ematum and shows the way for the future.Eneas Comiche is one
of the few licensed Mozambican before national independence, having been formed
in economics in 1969.
What was your
contribution to Mozambique postcolonial? put their knowledge at the service of
independence? It's hard to sum up in so few words, for when they gave
independence of Mozambique, I was in the Credit Institute of Mozambique, as an
administrator, and soon after as president. The Credit Institute of Mozambique
came to turn up in December 1977 in People's Development Bank (BPD), at the
time we did the restructuring of the banking system. So it was more immediate
action so that the Mozambican people feel comfortable with the bank.
What was the practical
contribution after training, ie put knowledge at the service of national
independence? Absolutely. That's why I came back to put all the wealth of
knowledge acquired to serve the people, is that this was the decision.
He participated in the
negotiations between Frelimo and the Portuguese government, the economic and
financial field. What was really their contribution in these negotiations? It
was part of the delegation of Frelimo in late 1974 and early 1975, and was an
excellent contribution. I remember that was part of a committee that was
concerned with financial matters. Basically, we worked to negotiate the
restructuring of banks, with the aim to implement what had been agreed in
Lusaka, which was to transform the National Bank of the Overseas Department in
Central Bank. This whole negotiation process encompassed economic aspects and
culminated in April 1975, before the proclamation of independence, with the
signing of several assurance protocols. Among these protocols, the HCB is,
scientific protocols, friendship and cooperation, among others.
It was the passage of
these institutions for the management of Mozambique's ...
They can not say they
were passages, it was necessary to negotiate and were negotiations that were
extremely difficult.
How was it possible to
keep the operation of banks in a context of great difficulties?
It was extremely
difficult. As you know, the paintings were mainly Portuguese, Mozambicans were
very few. What happened was, in late 1974, there was a mass exodus of
Portuguese. For example, every Monday, I came to the bank, here on September
25, where today works Barclays Bank, there was the Credit Institute of
Mozambique, and I was on the 11th floor and could not find ... no one. Half of
my way credit was gone and we had to quickly recruit Mozambicans with 9th
class. Then there were no more people with 9th class and we started to recruit
people with 8th and 7th grade and we created conditions to make training. It
was from there that came the idea of training the Credit Institute. It was
what was needed so that the bank did not stop ... and did not stop.
And what was the
importance of banking shortly after the proclamation of independence? At that
time it was already PCA Moçambique.Foi Credit Institute as important as this.
us, though without great command of what it meant to run a bank, we were
creating management conditions. From 1975 to 1979 we had fully Mozambican
staff. In 1975 it was PCA seat and rode across the country in order to
disseminate what is this bank thing. People were afraid to enter the bank, hide
money, some buried in cans, others in the trees, others in huts.
Disseminate the
concept of savings and lead people to acquire saving habits ...
This was a process,
because it was necessary that the population had confidence that he could enter
the bank and make the deposit, which was to leave the money in the bank and the
money was not going to disappear. It was extremely important moments of the
beginning of the banking business. To date of national independence, we had
nine banks, but in 1977 the number reduced. The Bank of Mozambique had been
created with central bank and commercial bank functions. We had BPD and the
Bank Standar Tota.
Between 1975 and 1984,
he served on the boards of some companies, representing the Credit Institute of
Mozambique and People's Development Bank. I speak of Texlom, Texmanta, Bicycle
Factory, Maquinag, Riopele and Texmoque. Helped build, to expand and financially
solidify these companies, which later went bankrupt. What were the reasons?
They were profitable
companies. The Texlom and Riopele were profitable companies, the Mozambique
Bicycles Factory not. When they came to seek financing from the Credit Institute
of Mozambique, we did a study. I personally did the study and we set out to
fund, and in return said it was necessary to be in management. Two years later,
it became a rentável.A Texmoque company is created by textile companies and was
the group Textile Africa. The Riopele was built in Marracuene and no one
believed in Marracuene could be a textile company, but the workers who were in
the building were recruited there. When he began to work, some workers coming
from the building had a training and have become good workers têxteis.A Riopele
producing and exporting, because did not use domestic raw material, did not use
cotton, used acrylic fibers and had the Mozambique market and the exterior. The
Texmanta was created by the set of textiles in order to make use of waste. The
idea was to manufacture blankets and location in Pemba was no accident. It was
a political decision, it was not the best location. The best would be close to
textile factories where there was this waste and it was known that, in Cabo Delgado,
there was no factory. So the decision was made, I was the president Samora.
When it amounted to Texmanta, it was necessary to identify a location near the
airport, but the area was intensely inhabited. It was necessary to speak with
the authorities for the resettlement of populations. That's where the
neighborhood was renamed-Texmanta and there was build the factory.
In the particular case
of this plant, the failure to build near the source of raw material can be the
source of failure? This is why not led to the bankruptcy. The company was good,
despite all the difficulties that existed at the beginning, in terms of work.
First, we had to find a source of water because the plant would consume a lot
of water, as well as the city. We found a source of water and came to the
conclusion that it would be enough. It was channeled and used during
construction and throughout the factory production process. All textile mills
begin to have difficulties in the context of the liberalization process, which
takes place after our accession to the Bretton Woods institutions. Produce and
have to sell in the market is one thing. Compete with products from China and
India is another. And then our textile industry started to have difficulties to
compete.
But not only the
textile, other failed industries, speak of Maquinag, Metalworking ...
True, but in another
context. All this openness to the market economy has brought some difficulties
so that our industry could position itself well in the market. It is true that
the war situation also featured.
What was the economic
and social impact of bankruptcies?
First, I must say that
these industries were business cards in the country. President Samora Machel
when the received their counterparts, were going to visit the Texlom, Riopele
the Maquinag ... In the visits I attended, the president Samora knew the
workers to their names. The point that arises is that when we went ahead to
liberalization, with the entry of used products, this ended our industry.
Because the same products already existed in the market at cheap price, given
the occurrence. The clothing bales used were the factor of strong competition
for the textile industry. So on the one hand, there is competition and we could
not compete with markets like Indian and Chinese. Also the policy that was
adopted at the time was not favorable for our industry to position itself well
in the market. Indeed, there were workers who lost their jobs and many affected
families, but had to face the challenge, to move towards believe in the great
potential of our industry, taking advantage of local raw materials.
What today inhibits
the revival of these industries?
I think that nothing
inhibits. We have to actually make a big bet. I suppose the Five-Year
Government Programme 2015 to 2019 shows the way in this regard. We have to take
the raw material we have, particularly in the textile, cotton, and invest. I
suppose we can make strides. Today, we have more specialized Mozambican staff
and are prepared to face major challenges.
As deputy finance
minister from 1974 to 1986, he headed the first technical talks with the IMF
and World Bank, where the Union's financing of Soviet Socialist Republics and
East countries had decreased and the Nordic countries conditioned the
continuity of funding to accession to the institutions of Bretton Woods. As the
negotiation and constraints Mozambique refused? I remember the first meeting
with the IMF and World Bank, where we were very scared, because at the
entrance, we have witnessed demonstrations in which they staged a funeral
procession with the coffin of the IMF and think, what we stuck? In 1984, we had
begun to negotiate the debt with the so-called Paris Club. We tried to
negotiate with commercial banks relating to bank debt, but it was not possible.
As a condition to take the first tranche of the IMF and it went through being
members of the Bretton Woods institutions. We had to pay the first tranche and
was extremely difficult because we have our Mozambican pride, we know what we
want and where we want to go. Of the first meetings we had with the IMF, still
remember the head of the FIM delegation, an Egyptian master. As an African, it
should be more understanding with African countries, but said "we, the
IMF, we think the same way and all is well." After all, we can negotiate
and have support to move forward in negotiations on the official debt and also
the commercial debt.
He said the
negotiation process was difficult. I speak for the fact that the World Bank had
promised to pay a value between 100 and 150 million dollars for the first
operation and then review the value to 45 million. We came also to add
constraints that were impositions of economic policy. How did they react to all
this and as Mozambique managed to get around? It was necessary to redouble our
negotiating capacity and were gaining some experience. At times, the decisions
were all later in the day and even at night, after the other party is tired,
and that was where the memorandums of understanding were signed. Despite all
this, it was possible to get right step. I remember the social reorganization
program. there was a social component, was only the economic component. It took
President Samora Machel himself contributed to this shift.
One of the evidences
arm railways between the government and the IMF are in the following positions.
The IMF argued that, being serious the disease, the prescription should be
right, but Mozambique defended the idea that the remedy could be so strong that
eventually kill the patient. As they came out of this impasse?
In fact, it was
possible for us to find a solution to the issues that were raised. The question
of valuations was one of the aspects that shocked us because it was necessary
to make very sharp devaluations in the period immediately after the Economic
and Social Rehabilitation Programme, in particular 1987-1988, then 1989-1990
lighter, and more afternoon there was a certain unification of the exchange
rates of the official and parallel markets. I believe that these institutions
were understanding as time went on. Because it's just not a country that can
gain positions, but with a group of them. It is true that it was the level of
governors of African banks that defended positions. Even in the African Union
summit it was placed this question, especially when it came to debt.
What were the
consequences of the accession to the Bretton Woods institutions? Today, 30
years later, what criticism and praise that makes the intervention of the IMF
and World Bank in Mozambique? Today, I will say that the relationship is
completely different, both in the IMF and the World Bank, and some leaders who
were already here have come up with some opening for dialogue.
As Deputy Minister of
Finance, he participated in the first negotiations of Mozambique's foreign debt.
As governor of the Bank of Mozambique, headed delegations that negotiated the
rescheduling of external debt with the Paris Club and the London Club. Today,
the country has regressed and public debt is almost red (over 40% of GDP). How
is your sustainability? The thing that I like putado, heading the Commission
Budget Plan, and I've been very careful, indicate that at present, the
Mozambican public debt is sustainable.
Mozambique has been
recognized as a country exemplary in meeting debt service (since 1987). Given
that the state will renegotiate debt Ematum, the financial rating agency
Standard & Poor's cut the rating of Mozambique. We risk not honor the debt
service? I think not. We will not regress nor should we allow that to happen.
It is speculated much around the Ematum. True, it is a subject that deserves
careful handling. This issue when it came to Parliament, we worked with civil
society organizations. It was in our relationship between the Commission of
Planning and Budget and the Budget Monitoring Forum and that this matter has
been placed. Of course that also had been alerted by the IMF. On the face of
it, we made the correction in the State Budget for 2014. The proposed budget
law did not have enough information and adequate treatment of this issue of
debt Ematum. We had to correct, to 350 million US dollars be one component to
defense. This year alone we learned that, after all, there is another type of
equipment that had not been considered and that are not 350 million but 850
million dollars, which means that 350 million dollars are allocated to the
company Ematum and $ 500 million to defense. This aspect deserves a necessary
treatment in the General State Accounts 2014 the account has been received and
we are following the normal manner. The Administrative Court has a term until
30 November to make the preparation of the whole process. Once the
Administrative Court acts as external auditor, to November 30, when we receive
the report with its opinion, it will indeed be vigilant.
As Finance Minister
(1991-1994), contributed to a greater rationality in public expenditure,
particularly in reducing defense spending. You look at the evolution of
spending in the country, particularly in the defense sector? I think we should
pay more attention to issues related to defense and national security. We have
capacity in terms of State resources for this purpose. So I have to look at
public expenditure component with the issue of public revenue. Because the
recipe has performed well, but we have to find ways to maximize state revenue,
so that our security forces work better, so we can pay better wages and we can
do better defense of our coast. So we have to look carefully for the issue of
sovereignty, it is no coincidence that in the Government's 2015-2019 Five-Year
Plan there is the pillar of the consolidation of national unity, peace and
sovereignty.
How a country can
invest in the defense without compromising agreements with donors?
What is required is
that there are resources and we know how to manage and make better rationalize
spending. So we have to create debt capacity, so we can invest where it is
needed and where it is a priority.
Very quickly, what is
the balance that makes 40 years of governance?
Very positive. It is
indeed a privilege for any of us to say that we have reached the 40 years of
independence Mozambique and see where you are. It should be higher up if not for
the 40 years of destabilization war; if not for all the aggression, of war, Iam
Smith, apartheid, etc. We are well, we have to put into practice what we dream,
and what we dream is translated those who have no role in the government or
political parties, but they joined for 2025 agenda because there were
representatives of political parties, academics, religious, students, etc., who
designed the agenda which was revised in 2013.
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