{"id":59095,"date":"2024-04-15T17:12:26","date_gmt":"2024-04-15T17:12:26","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-ready-to-start-this-month"},"modified":"2024-04-15T17:53:44","modified_gmt":"2024-04-15T17:53:44","slug":"sovereign-fund-ready-to-start-this-month","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-ready-to-start-this-month","title":{"rendered":"Sovereign fund ready to start this month"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique\u2019s government has finalised all the instruments needed to set up the Mozambique Sovereign Fund this month, an official source told Lusa on Tuesday. The fund will be financed with revenues from gas exploration projects.<\/p>\n

\u201cEverything is in place to fulfil the April timing. We continue with the April horizon, barring any mishaps that may occur from the point of view of formalisation processes,\u201d said Enilde Sarmento, national director of Development Studies and Policies at the Ministry of Economy and Finance.<\/p>\n

She explained that two of the three main instruments needed to operationalise the Mozambique Sovereign Fund have already been \u201cfinalised\u201d: the Management Agreement, which will be signed by the government and the governor of the central bank, and the Investment Policy, as well as the fund\u2019s regulations, which were completed and approved on 12 March.<\/p>\n

\u201cAt the moment, we have the Investment Policy and the Management Agreement finalised. We\u2019re now going to proceed to the forums for appraisal and approval. We\u2019re talking about the cabinet, to then be followed by the signing of the management agreement by the government and the operational manager, who has the mandate to manage the fund, and then the fund will start to be operational,\u201d added Enilde Sarmento.<\/p>\n

At the same time, explained the Mozambique Sovereign Fund\u2019s national director of Development Studies and Policies, other processes are being finalised, such as the setting up of two committees: the Investment Advisory Board, whose seven members will be appointed by the government, and the Supervisory Committee, which has members from civil society and is the responsibility of parliament.<\/p>\n

\u201cWe\u2019re working on these instruments, and we still have our sights set on having all this finalised by the end of April,\u201d he said.<\/p>\n

Once the Management Agreement has been approved by the cabinet, \u201clater this month\u201d, the minister of economy and finance, Max Tonela, will be given a mandate to sign it with the governor of the Bank of Mozambique.<\/p>\n

\u201cIn principle, during this month, the instruments will have been finalised,\u201d he concluded, adding that the gas resources \u201cstarted coming in last year\u201d.<\/p>\n

On 15 December 2023, parliament approved the creation of the Mozambique Sovereign Fund with revenues from natural gas exploration, which should reach $6 billion (\u20ac5.5 billion) a year by the 2040s.<\/p>\n

\u201cProjections indicate that annual gas exports could amount to around $91.7 billion [\u20ac83.7 billion] nominally over the life cycle of the project, in a scenario where all the development initiatives approved so far by the government are in operation. In this scenario, annual revenues for the state will peak in the 2040s at more than $6 billion a year,\u201d Minister Max Tonela explained at the time.<\/p>\n

On 12 March, the government estimated that the Mozambique Sovereign Fund would be operational by April, following the approval of its regulations that day, as stated by the deputy minister of economy and finance, Ami\u0301lcar Paia Tivane.<\/p>\n

\u201cIt also defines the procedures for ensuring the transfer of resources associated with the exploitation of liquefied natural gas and revenues from the exploitation of future oil and gas projects, 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 ratio of 50\/50,\u201d explained Ami\u0301lcar Paia Tivane.<\/p>\n

The International Monetary Fund (IMF) previously considered parliament\u2019s approval of Mozambique\u2019s Sovereign Fund to be \u201can important step\u201d in guaranteeing \u201ctransparent and solid management\u201d of natural resources.<\/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 has finalised all the instruments needed to set up the Mozambique Sovereign Fund this month, an official source told Lusa on Tuesday. The fund will be financed with revenues from gas exploration projects. \u201cEverything is in place to fulfil the April timing. We continue with the April horizon, barring any […]<\/p>\n","protected":false},"author":84,"featured_media":59094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-59095","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 ready to start this month - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique\u2019s government has finalised all the instruments needed to set up the Mozambique Sovereign Fund this month, an ...\" \/>\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-ready-to-start-this-month\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sovereign fund ready to start this month\" \/>\n<meta property=\"og:description\" content=\"Mozambique\u2019s government has finalised all the instruments needed to set up the Mozambique Sovereign Fund this month, an ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-ready-to-start-this-month\" \/>\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=\"2024-04-15T17:12:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-15T17:53:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/04\/sm_1713187094.13798.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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\/sovereign-fund-ready-to-start-this-month#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-ready-to-start-this-month\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Sovereign fund ready to start this month\",\"datePublished\":\"2024-04-15T17:12:26+00:00\",\"dateModified\":\"2024-04-15T17:53:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-ready-to-start-this-month\"},\"wordCount\":589,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-ready-to-start-this-month#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/04\/sm_1713187094.13798.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-ready-to-start-this-month#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-ready-to-start-this-month\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/sovereign-fund-ready-to-start-this-month\",\"name\":\"Sovereign fund ready to start this month - 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