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Mozambique Airlines (LAM) was the state-owned company that contributed the most to the reduction of domestic debt within Mozambique’s State Business Sector in the second quarter of 2026, according to data from the Ministry of Finance.
According to the public debt report, the stock of direct debt held by public and state-participated companies fell by 4.35%, from 36.17 billion meticais at the end of March to 34.60 billion meticais in June.
The reduction amounts to around 1.57 billion meticais and was mainly driven by debt repayments made by companies within the State Business Sector.
LAM recorded the largest individual reduction in domestic debt, repaying 530.33 million meticais related to loans contracted from BCI and Moza Banco.
Despite the reduction, the airline still had the largest domestic debt among state-participated companies at the end of June, with an outstanding stock of 5.2 billion meticais.
This amount represented roughly one third of the total domestic debt of the State Business Sector.
Mozambique Ports and Railways (CFM) was the second-largest contributor to the reduction in debt, cutting its liabilities by 446.58 million meticais.
Petróleos de Moçambique (Petromoc) reduced its debt by 275 million meticais, while the National Roads Administration recorded a reduction of 182 million meticais.
Overall, domestic debt held by public companies fell by 9.1% to 15.6 billion meticais.
External debt remained almost unchanged, declining by just 0.06% to around 18.99 billion meticais.
Of the total external debt, 16.01 billion meticais was concentrated in public companies, while 2.98 billion meticais was held by companies in which the State has a participation.
Empresa de Desenvolvimento de Maputo Sul continued to hold the largest stock of external debt, at 9.99 billion meticais.
It was followed by Electricidade de Moçambique, with 3.46 billion meticais, and Mozambique Ports and Railways, with around 2.55 billion meticais.
The Ministry of Finance report also indicates that debt within the State Business Sector remains highly exposed to foreign currency.
At the end of June, around 24.11 billion meticais of direct debt was denominated in US dollars, while approximately 10.43 billion meticais was denominated in local currency.
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