After the public consultation phase that has taken place throughout the country since the beginning of last year, the project to create a sovereign fund in Mozambique has entered the phase of systematizing comments that basically focus on aspects of the governance structure.
Estimates by various experts suggest that Mozambique could receive around US$90 billion in revenue from natural gas exploration in the Rovuma basin alone.
It is in this context that the idea of the Sovereign Wealth Fund arises from the need to establish a transparent management mechanism for revenues from the exploitation of non-renewable natural resources for the benefit of all Mozambicans, as is the case elsewhere in the world.
According to Amal Omar, administrator of the Financial Stability Department of the Bank of Mozambique, the document should, in turn, be accompanied by a draft law for subsequent consideration and approval by Parliament.
“Therefore, we are talking about a considerable period of hard work and the desirable thing is that this instrument be ready before the beginning of the production of natural resources foreseen for 2023”, he explained.
