{"id":47719,"date":"2023-10-01T20:06:31","date_gmt":"2023-10-01T20:06:31","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/government-to-resubmit-bill-on-proposed-sovereign-fund-in-october"},"modified":"2023-10-01T21:50:25","modified_gmt":"2023-10-01T21:50:25","slug":"government-to-resubmit-bill-on-proposed-sovereign-fund-in-october","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/government-to-resubmit-bill-on-proposed-sovereign-fund-in-october","title":{"rendered":"Government to resubmit bill on proposed sovereign fund in October"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique\u2019s government is going to take draft legislation on the country\u2019s sovereign wealth fund, which is expected to receive $1 billion dollars annually from natural gas revenues, back to parliament in October, in the hope of achieving a consensus on it there.<\/p>\n

According to the notice for the eighth ordinary parliamentary session, which is to run from 19 October to 21 December, and which Lusa had access to on Wednesday, the draft law creating the Sovereign Fund of Mozambique (FSM) is one of the 23 items on the agenda.<\/p>\n

On 7 August, the governing party, Frelimo, argued in parliament that the bill should be approved by consensus between all parties.<\/p>\n

The debate in parliament on the proposal has been postponed several times on the grounds that the document needs to be improved.<\/p>\n

\u201cWe want a genuinely Mozambican law, and to this end we are working towards consensus on the proposal,\u201d said Feliz Si\u0301lvia, the spokesperson for the Frelimo parliamentary party, on 7 August, regarding the withdrawal of the proposal to create the FSM from the agenda of the extraordinary session that was taking place in parliament at the time.<\/p>\n

Feliz Si\u0301lvia said at the time that Frelimo wants the the main opposition party, Renamo, and the third party, the MDM, to be involved in the future law.<\/p>\n

The minister of economy and finance, Max Tonela, also said in August, during a parliamentary hearing, that the FSM should collect $1 billion dollars (\u20ac947 million) annually in 10 years\u2019 time from natural gas exploration revenues.<\/p>\n

\u201cOn average, over the 25 years of the [natural gas exploration] concession contract, the Mozambican state will receive 750 million dollars [685 million euros],\u201d explained Tonela, who was questioned in parliament by members of the First Commission on Constitutional Affairs, Human Rights and Legality and the Second Commission on Planning and Budget.<\/p>\n

An activist from a civil society platform that is following the process of setting up the FSM told Lusa that the proposal that the government previously laid before parliament does not take on board the recommendation that the planned fund should have a system of governance independent of the executive, through a mechanism of accountability to parliament \u2013 meaning that it would remain vulnerable to political influence.<\/p>\n

The proposals as they stand also fail to respond to the request of civil society organisations that more than half of the revenues from natural gas exploration should be channelled to the FSM, and not just 40%, as stated in the proposal.<\/p>\n

The plan also did not include the suggestion that revenues from the state-owned oil and gas company, Empresa Nacional de Hidrocarbonetos (ENH), be deposited in the fund, nor that its managers be hired by public tender.<\/p>\n

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

Africa-Press – Mozambique. Mozambique\u2019s government is going to take draft legislation on the country\u2019s sovereign wealth fund, which is expected to receive $1 billion dollars annually from natural gas revenues, back to parliament in October, in the hope of achieving a consensus on it there. According to the notice for the eighth ordinary parliamentary session, […]<\/p>\n","protected":false},"author":84,"featured_media":47718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[233,281,283],"class_list":["post-47719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nGovernment to resubmit bill on proposed sovereign fund in October - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique\u2019s government is going to take draft legislation on the country\u2019s sovereign wealth fund, which is expected to ...\" \/>\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\/government-to-resubmit-bill-on-proposed-sovereign-fund-in-october\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government to resubmit bill on proposed sovereign fund in October\" \/>\n<meta property=\"og:description\" content=\"Mozambique\u2019s government is going to take draft legislation on the country\u2019s sovereign wealth fund, which is expected to ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/government-to-resubmit-bill-on-proposed-sovereign-fund-in-october\" \/>\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=\"2023-10-01T20:06:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-01T21:50:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/10\/sm_1696180723.693458.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1360\" \/>\n\t<meta property=\"og:image:height\" content=\"852\" \/>\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=\"3 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\/government-to-resubmit-bill-on-proposed-sovereign-fund-in-october#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/government-to-resubmit-bill-on-proposed-sovereign-fund-in-october\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Government to resubmit bill on proposed sovereign fund in October\",\"datePublished\":\"2023-10-01T20:06:31+00:00\",\"dateModified\":\"2023-10-01T21:50:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/government-to-resubmit-bill-on-proposed-sovereign-fund-in-october\"},\"wordCount\":462,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/government-to-resubmit-bill-on-proposed-sovereign-fund-in-october#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/10\/sm_1696180723.693458.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/government-to-resubmit-bill-on-proposed-sovereign-fund-in-october#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/government-to-resubmit-bill-on-proposed-sovereign-fund-in-october\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/government-to-resubmit-bill-on-proposed-sovereign-fund-in-october\",\"name\":\"Government to resubmit bill on proposed sovereign fund in October - 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