Africa-Press – Mozambique. Mozambique may be losing as much as US$250 million a year as a result of under-invoicing in the export of mining products.
In the export of graphite, for example, one company declared a price half that of another similar entity in the export of the same product.
To put an end to this scenario, the executive last year approved a decree that strengthens mechanisms for monitoring exports and controlling prices in the international market.
This information was provided by the Minister of Economy and Finance in Maputo on Wednesday during a parliamentary hearing to consider the Sovereign Fund Law.
Max Tonela said that the executive considered the proposals for increasing resources to finance the annual budget, taking into account that, in the first years of operation of mega-projects, priority is given to reimbursement of invested capital.
The government announced that the Bank of Mozambique will be the operational manager of the Sovereign Fund, under a management agreement to be signed with the executive.
The Sovereign Fund Operational Management Agreement will be drawn up after approval of the Sovereign Fund Management Law, a legal instrument that will be public and probably receive contributions regarding improvements.
The Sovereign Fund will receive revenue from the exploitation of hydrocarbons that will gradually rise to one billion dollars per year.
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