{"id":44004,"date":"2023-08-04T11:04:17","date_gmt":"2023-08-04T11:04:17","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-promises-future-savings"},"modified":"2023-08-04T11:17:05","modified_gmt":"2023-08-04T11:17:05","slug":"sovereign-fund-promises-future-savings","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-promises-future-savings","title":{"rendered":"Sovereign fund promises future \u2018savings\u2019"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The Sovereign Wealth Fund of Mozambique (FSM), which will be managed by the central bank, aims to \u201caccumulate savings for future generations\u201d with oil and natural gas revenues but will not be used to guarantee loans contracted by the state.<\/p>\n

\u201cIn its governance structure, it is intended that the Fund makes full use of the existing institutions in the country, guided by the principles of good governance, transparency, accountability, independence and inclusion, in line with international best practices\u201d, defines the draft law creating the Sovereign Fund, to which Lusa had access today, approved by the cabinet and which goes up for discussion at the 42nd ordinary parliamentary session, which will take place in Maputo from 3 to 7 August.<\/p>\n

In the preamble to the proposal, the government recalls that in the context of research activities carried out in Areas 1 and 4, offshore the Rovuma block, \u201chuge deposits of oil and non-associated natural gas\u201d were discovered, estimated at around 180 trillion cubic feet.<\/p>\n

In this context, the operators and partners of Areas 1 and 4 submitted to the government three natural gas liquefaction projects, already approved, namely the Coral Sul Liquefied Natural Gas FLNG, offshore, the Golfinho\/Atum Liquefied Natural Gas, and the Rovuma LNG Liquefied Natural Gas.<\/p>\n

Of these projects, Coral Sul FLNG stands out, which started natural gas production in the last quarter of 2022 and which, \u201cin addition to generating significant opportunities for the development of national companies\u201d, its exploitation \u201cwill generate direct profits for the state of more than $30 million US [\u20ac27.2 million euros] in 2022\u201d, with an \u201cannual average\u201d of $740 million (\u20ac672.2 million) expected \u201cduring the life of the project\u201d, until 2047.<\/p>\n

At the same time, research work is underway in five oil and gas exploration and production concession areas located in Angoche, Zambezi Delta, \u201cwith even greater benefits expected in the event of a commercial discovery\u201d.<\/p>\n

\u201cIn this context, aiming to maximise the gains from the exploration and development of these non-renewable natural resources, defending against the high volatility that characterises their international prices and with the primary objective of benefiting present and future generations,\u201d the government says it is of \u201cparamount importance to create\u201d the GSF.<\/p>\n

The draft law creating the fund defines that its objectives are \u201cto contribute to leveraging the country\u2019s economic and social development\u201d, as well as to \u201cstabilise the State Budget, counteracting the volatility of oil revenues\u201d and to \u201caccumulate savings for future generations, through the collection of revenues from oil and natural gas exploration and those resulting from the respective investments\u201d.<\/p>\n

The FSM\u2019s revenues are those from the production of liquefied natural gas from areas 1 and 4 offshore the Rovuma basin and future oil and natural gas development and production projects, as well as \u201creturn on investment of revenues\u201d from the fund.<\/p>\n

These revenues result from the Petroleum Production Tax and the Corporate Income Tax, including the taxation of capital gains, in addition to \u201cproduction bonuses\u201d in terms to be regulated, and production sharing from profit oil.<\/p>\n

\u201cWhenever a public calamity occurs in a given year that leads to the declaration of a State of Siege, State of Emergency and\/or War (…) financial resources may be transferred from the GSF to support the budget\u201d, in this case in higher percentages than foreseen (between 50 and 60% of revenues), upon proposal by the government.<\/p>\n

\u201cThe FSM must invest in assets other than those in the oil and gas sector\u201d, the proposal in parliament also states, also assuming that these investments must be made \u201cbased on the policy\u201d approved by the government.<\/p>\n

It also defined the \u201cprohibition\u201d of the use of FSM resources for \u201cgranting guarantees in the contracting of loans by the state or other entities\u201d, also for \u201cpayment of debts and debt service without going through the budget\u201d, for financing \u201cpolitical and party activities\u201d and in the \u201ccontraction of debts\u201d.<\/p>\n

The parliament, the government, the Bank of Mozambique, the Supervisory Committee and the Investment Advisory Board will be \u201cresponsible for the governance and management\u201d of the FSM.<\/p>\n

However, the Bank of Mozambique will be the \u201coperational manager\u201d of the fund and the governor of the central bank the \u201cultimate responsible entity\u201d, but management \u201cmust be carried out through a dedicated unit\u201d within that institution.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. The Sovereign Wealth Fund of Mozambique (FSM), which will be managed by the central bank, aims to \u201caccumulate savings for future generations\u201d with oil and natural gas revenues but will not be used to guarantee loans contracted by the state. \u201cIn its governance structure, it is intended that the Fund makes full […]<\/p>\n","protected":false},"author":84,"featured_media":44003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-44004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nSovereign fund promises future \u2018savings\u2019 - Mozambique<\/title>\n<meta name=\"description\" content=\"The Sovereign Wealth Fund of Mozambique (FSM), which will be managed by the central bank, aims to \u201caccumulate savings fo ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-promises-future-savings\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sovereign fund promises future \u2018savings\u2019\" \/>\n<meta property=\"og:description\" content=\"The Sovereign Wealth Fund of Mozambique (FSM), which will be managed by the central bank, aims to \u201caccumulate savings fo ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-promises-future-savings\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-04T11:04:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-04T11:17:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/08\/sm_1691131576.82183.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1183\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-promises-future-savings#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-promises-future-savings\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Sovereign fund promises future \u2018savings\u2019\",\"datePublished\":\"2023-08-04T11:04:17+00:00\",\"dateModified\":\"2023-08-04T11:17:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-promises-future-savings\"},\"wordCount\":710,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-promises-future-savings#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/08\/sm_1691131576.82183.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-promises-future-savings#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-promises-future-savings\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-promises-future-savings\",\"name\":\"Sovereign fund promises future \u2018savings\u2019 - 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