The Council of Ministers in Mozambique has approved a decree to establish legislation for a sovereign wealth fund. This fund will be responsible for managing revenues generated from an estimated $91.7 billion in natural gas exports over the coming years.
According to the new law, 40% of the revenues from liquefied natural gas will be directed to the fund during its initial 15 years, while the remainder will be allocated to the national budget. Subsequently, a balanced approach between savings and expenditures will be adopted.
Mozambique’s Ministry of Finance stated on Tuesday that the regulation signifies a significant step forward in promoting transparency, accountability, and good governance in the natural resources sector.
A supervisory committee, comprising independent stakeholders and representatives from civil society, will oversee the operations of the fund. This committee will ensure transparency and accountability by reporting directly to parliament and publishing findings quarterly.
This legislation, integral to an economic reform agenda in collaboration with the International Monetary Fund, represents a milestone for Mozambique, which has faced financial challenges since 2016.”
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The successful financing close is an acknowledgment of the project’s potential to positively impact the environment and contribute to a sustainable future. The support of investors and stakeholders is a resounding endorsement of the company’s vision and dedication to creating a better future for generations to come.