{"id":53870,"date":"2024-01-13T21:08:01","date_gmt":"2024-01-13T21:08:01","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambiques-sovereign-fund-is-an-important-step-toward-transparent-management"},"modified":"2024-01-13T21:50:03","modified_gmt":"2024-01-13T21:50:03","slug":"mozambiques-sovereign-fund-is-an-important-step-toward-transparent-management","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambiques-sovereign-fund-is-an-important-step-toward-transparent-management","title":{"rendered":"Mozambique\u2019s Sovereign Fund is an \u201cimportant step\u201d toward transparent management"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The International Monetary Fund (IMF) considers the approval by Mozambique\u2019s parliament of the Sovereign Fund of Mozambique \u201can important step toward ensuring transparent and sound management of natural resource wealth\u201d.<\/p>\n

\u201cParliamentary approval of the Sovereign Wealth Fund bill in December 2023 was an important step toward ensuring transparent and sound management of natural resource wealth,\u201d reads a statement in which the IMF on Monday announced its approval of the third evaluation of the assistance plan for Mozambique, allowing \u201d immediate disbursement\u201d of a new tranche of US$60.7 million (\u20ac55.4 million) in budgetary support for the country.<\/p>\n

\u201cContinued fiscal consolidation efforts are warranted to reduce financing needs and contain debt vulnerabilities. With inflation expectations well anchored, tighter fiscal policy and weak non-mining growth, there is scope for gradual monetary policy easing,\u201d the IMF further argues.<\/p>\n

The Mozambican president, Filipe Nyusi, on Monday enacted the law that creates the Sovereign Wealth Fund approved by parliament in December, the Presidency of the Republic announced yesterday.<\/p>\n

In a statement, the Presidency of the Republic states that the head of state \u201cenacted and ordered publication\u201d of the law creating the fund, to be financed with revenues generated from the export of natural gas.<\/p>\n

On December 15, the Mozambican parliament approved the creation of the Sovereign Wealth Fund (SWF) with revenue from natural gas exploitation which, in the 2040s, is expected to reach US$6,000 million (\u20ac5,500 million) annually, despite widespread scepticism from opposition parties concerning the fund\u2019s management.<\/p>\n

The proposal to create the SWF received 165 Front for the Liberation of Mozambique (Frelimo) votes in favour, while 39 opposition deputies of the Mozambican National Resistance (Renamo) and the Democratic Movement of Mozambique (MDM) voted against.<\/p>\n

\u201cProjections indicate that annual gas exports could amount to around US$91.7 billion nominal over the life cycle of the project, in a scenario in which all development initiatives approved by the government to date are in operation. In this scenario, annual revenues for the state will reach a peak in the 2040s of more than US$6,000 million per year,\u201d Minister of Economy and Finance Max Tonela explained to parliament at the time.<\/p>\n

The creation of the fund had been under discussion for several months, with the government having withdrawn the proposal from discussion in the national assembly more than once, allegedly to try to obtain consensus on its approval, which ultimately did not happen.<\/p>\n

In the model for creating the SWF \u2013 whose operational manager will be the country\u2019s central bank, the Bank of Mozambique \u2013 Max Tonela stated that \u201csuccessful examples in the world and less good cases\u201d were taken into account, in which \u201ccountries that had great resources and went along for the ride of resources and raised the state\u2019s consumption standard too much, they got into too much debt and at this moment the level of resources is reducing and they enter into a conflict in which they do not have the capacity to have more resources\u201d.<\/p>\n

\u201cSo this is the ultimate purpose of the fund. That is why we must look at the current generations, but ensure that future generations can also take advantage of the existence of resources that the country also has,\u201d he explained, highlighting that the SWF would allow the government \u201cto seek resources to finance the state budget in a situation where there is no longer any natural gas\u201d to exploit.<\/p>\n

The proposed law that creates the SWF states, in the preamble, that within the scope of research activities carried out in the Rovuma block offshore Areas 1 and 4, \u201chuge deposits of oil and non-associated natural gas were discovered\u201d, estimated at around 180 trillion cubic feet.<\/p>\n

The operators and partners in Areas 1 and 4 submitted to the government three natural gas liquefaction projects, which have already been approved, namely the offshore Coral Sul FLNG Liquefied Natural Gas, the Golfinho\/Atum Liquefied Natural Gas, and the Natural Liquefied Rovuma LNG.<\/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 International Monetary Fund (IMF) considers the approval by Mozambique\u2019s parliament of the Sovereign Fund of Mozambique \u201can important step toward ensuring transparent and sound management of natural resource wealth\u201d. \u201cParliamentary approval of the Sovereign Wealth Fund bill in December 2023 was an important step toward ensuring transparent and sound management of […]<\/p>\n","protected":false},"author":84,"featured_media":53869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-53870","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":"\nMozambique\u2019s Sovereign Fund is an \u201cimportant step\u201d toward transparent management - Mozambique<\/title>\n<meta name=\"description\" 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