{"id":58316,"date":"2024-03-31T15:06:55","date_gmt":"2024-03-31T15:06:55","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy"},"modified":"2024-03-31T15:41:32","modified_gmt":"2024-03-31T15:41:32","slug":"sovereign-fund-rules-do-not-assure-stability-autonomy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy","title":{"rendered":"Sovereign fund rules do not assure stability, autonomy"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The civic movement for the Sovereign Wealth Fund of Mozambique on Thursday criticised the fund\u2019s regulations for failing to guarantee the \u201cstability\u201d of the funding of this account and the independence of the mechanism\u2019s governing bodies.<\/p>\n

On 12 March, Mozambique\u2019s Cabinet approved the proposal for the regulations of the Mozambique Sovereign Fund (FSM), a mechanism that will be financed by natural gas revenues.<\/p>\n

Commenting on the regulation in statements to Lusa, the leader of the civic movement for Mozambique\u2019s Sovereign Fund, Fa\u0301tima Mimbire, criticised the formula for calculating the funds earmarked for the account, stressing that \u201cthere is greater primacy for funding from the state budget\u201d.<\/p>\n

\u201cThe formula found does not give stability to the allocation of resources to the fund and creates unpredictability in relation to the volume of resources destined for the fund, giving primacy to the financing of the state budget,\u201d said Mimbire.<\/p>\n

The volatility of the amounts to be channelled creates uncertainty about the usefulness of the fund for future generations, which is the main purpose of the mechanism, added the social activist.<\/p>\n

By giving greater preference to the budget, she continued, the regulation exposes gas revenues to the risks inherent in the poor execution of public accounts, because there is no clear definition of the amounts to be channelled to priority areas such as health, education and social assistance for the most vulnerable.<\/p>\n

The activist also criticised the \u201cdiscretionary power\u201d given to the government in the formation of the Advisory Council, creating the risk of conditioning the actions of that body: \u201cIt is not determined how the members of the fund\u2019s Advisory Council will be selected, which could allow the composition to be at the government\u2019s discretion.\u201d<\/p>\n

On 15 December, the Mozambican parliament approved the creation of the FSM with revenues from natural gas exploration, which by the 2040s should reach US$6 billion (\u20ac5.5 billion) a year, despite widespread criticism from the opposition, which voted against it, doubting how it will be managed.<\/p>\n

Mimbire argued that an independent commission should be set up to select the members of the council, so that they are not conditioned by the executive.<\/p>\n

The same doubt arises in relation to the FSM\u2019s supervisory committee, which should be chosen by the parliament, but without the origin of its members being defined.<\/p>\n

\u201cWhere will the members of the fund\u2019s supervisory committee who will be selected by parliament come from? From civil society or from political parties? These doubts should be clarified in the regulation, because going into detail is the vocation of the regulation and not the law,\u201d said Fa\u0301tima Mimbire.<\/p>\n

Mimbire said that civil society had expressed its concerns to the government in consultation sessions, but the final product of the regulation shows that these contributions were ignored.<\/p>\n

\u201cWe felt that the government was very receptive to our concerns, but the end result is frustrating,\u201d she emphasised.<\/p>\n

When he announced the approval of the draft FSM Regulation, the deputy minister of the economy and finance, Ami\u0301lcar Tivane, said that the instrument would be operational in April: \u201cOur expectation is that all the work on creating instruments to ensure the viability of the fund will be completed by the end of this month. And so we can say that by the end of March, beginning of April, the FSM will be up and running.\u201d<\/p>\n

The regulation, Tivane explained, establishes \u201cthe guidelines for governance\u201d by the various bodies that include the FSM\u2019s decision-making structure, namely The Mozambican parliament, the government and the Bank of Mozambique, as well as the Operational Manager, the Supervisory Committee and the Advisory Council.<\/p>\n

\u201cIt also defines the procedures for ensuring the transfer of resources associated with the exploitation of liquefied natural gas, and also revenues from the exploitation of future projects in the oil and gas area, setting the proportion at 60% for the state budget and 40% for the sovereign fund account for the first 15 years. And from the 16th year onwards in a proportion of 50%, 50%,\u201d Tivane explained.<\/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 civic movement for the Sovereign Wealth Fund of Mozambique on Thursday criticised the fund\u2019s regulations for failing to guarantee the \u201cstability\u201d of the funding of this account and the independence of the mechanism\u2019s governing bodies. On 12 March, Mozambique\u2019s Cabinet approved the proposal for the regulations of the Mozambique Sovereign Fund […]<\/p>\n","protected":false},"author":84,"featured_media":58315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-58316","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 rules do not assure stability, autonomy - Mozambique<\/title>\n<meta name=\"description\" content=\"The civic movement for the Sovereign Wealth Fund of Mozambique on Thursday criticised the fund\u2019s regulations for failing ...\" \/>\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-rules-do-not-assure-stability-autonomy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sovereign fund rules do not assure stability, autonomy\" \/>\n<meta property=\"og:description\" content=\"The civic movement for the Sovereign Wealth Fund of Mozambique on Thursday criticised the fund\u2019s regulations for failing ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy\" \/>\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=\"2024-03-31T15:06:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-31T15:41:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711883226.869864.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\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-rules-do-not-assure-stability-autonomy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Sovereign fund rules do not assure stability, autonomy\",\"datePublished\":\"2024-03-31T15:06:55+00:00\",\"dateModified\":\"2024-03-31T15:41:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy\"},\"wordCount\":689,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711883226.869864.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-rules-do-not-assure-stability-autonomy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy\",\"name\":\"Sovereign fund rules do not assure stability, autonomy - Mozambique\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711883226.869864.jpg\",\"datePublished\":\"2024-03-31T15:06:55+00:00\",\"dateModified\":\"2024-03-31T15:41:32+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The civic movement for the Sovereign Wealth Fund of Mozambique on Thursday criticised the fund\u2019s regulations for failing ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711883226.869864.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711883226.869864.jpg\",\"width\":960,\"height\":640,\"caption\":\"Sovereign fund rules do not assure stability, autonomy\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/mozambique\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sovereign fund rules do not assure stability, autonomy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#website\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/\",\"name\":\"Mozambique\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/mozambique\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Sovereign fund rules do not assure stability, autonomy - Mozambique","description":"The civic movement for the Sovereign Wealth Fund of Mozambique on Thursday criticised the fund\u2019s regulations for failing ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy","og_locale":"en_US","og_type":"article","og_title":"Sovereign fund rules do not assure stability, autonomy","og_description":"The civic movement for the Sovereign Wealth Fund of Mozambique on Thursday criticised the fund\u2019s regulations for failing ...","og_url":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy","og_site_name":"Mozambique","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2024-03-31T15:06:55+00:00","article_modified_time":"2024-03-31T15:41:32+00:00","og_image":[{"width":960,"height":640,"url":"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711883226.869864.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Sovereign fund rules do not assure stability, autonomy","datePublished":"2024-03-31T15:06:55+00:00","dateModified":"2024-03-31T15:41:32+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy"},"wordCount":689,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711883226.869864.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-rules-do-not-assure-stability-autonomy#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy","url":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy","name":"Sovereign fund rules do not assure stability, autonomy - Mozambique","isPartOf":{"@id":"https:\/\/www.africa-press.net\/mozambique\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711883226.869864.jpg","datePublished":"2024-03-31T15:06:55+00:00","dateModified":"2024-03-31T15:41:32+00:00","author":{"@id":"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The civic movement for the Sovereign Wealth Fund of Mozambique on Thursday criticised the fund\u2019s regulations for failing ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#primaryimage","url":"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711883226.869864.jpg","contentUrl":"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711883226.869864.jpg","width":960,"height":640,"caption":"Sovereign fund rules do not assure stability, autonomy"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-rules-do-not-assure-stability-autonomy#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/mozambique\/"},{"@type":"ListItem","position":2,"name":"Sovereign fund rules do not assure stability, autonomy"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/mozambique\/#website","url":"https:\/\/www.africa-press.net\/mozambique\/","name":"Mozambique","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/mozambique\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/mozambique\/wp-json\/wp\/v2\/posts\/58316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/mozambique\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/mozambique\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/mozambique\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/mozambique\/wp-json\/wp\/v2\/comments?post=58316"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/mozambique\/wp-json\/wp\/v2\/posts\/58316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/mozambique\/wp-json\/wp\/v2\/media\/58315"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/mozambique\/wp-json\/wp\/v2\/media?parent=58316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/mozambique\/wp-json\/wp\/v2\/categories?post=58316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/mozambique\/wp-json\/wp\/v2\/tags?post=58316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}