The Governor of the Bank of Mozambique (BM), Rogério Zandamela, is today going to the Mozambican Parliament for a hearing on the draft law that creates the Sovereign Fund of Mozambique.
Zandamela’s presence in Parliament was requested by members of the Planning and Budget and Constitutional Affairs, Human Rights and Legality commissions as the proposal provides for the Central Bank to be the manager of the Sovereign Fund, Notícias reported.
The World Bank justified the need for the country to create a Sovereign Fund to ensure that the needs of future generations are met and to ensure fiscal stabilisation in order to insulate the State Budget from exogenous shocks.
Civil society organisations consider that the Sovereign Fund proposal presented by the government does not prioritise investment, a component that could promote the structural changes needed for Mozambique’s development, writes Voz da América.
