The value of the Mozambique Sovereign Wealth Fund (FSM) increased by more than 7.5% in the first seven months under the management of the Bank of Mozambique (BdM), reaching $118.3 million, according to data cited by Lusa.
The fund’s capitalization began on December 10, 2025, when the government transferred the first $109.9 million—derived from natural gas exploration revenues—to the BdM. This amount marked the start of the FSM’s operations.
The fund’s capital was further bolstered on January 6 with a new transfer from the government. With this injection and the returns generated by its investments, the fund now has capital of approximately $118 million and a market value of $118.3 million, according to central bank data updated as of July 2.
The FSM was established following the approval of the relevant law by the Assembly of the Republic on December 15, 2023. The legislation stipulates that the fund be financed with 40% of the annual revenues from natural gas exploration.
According to official projections, these revenues could reach approximately $6 billion per year in the 2040s. The fund’s objective is to ensure that a portion of this money is saved and used to strengthen the state’s financial stability, while also benefiting future generations.
As the fund’s operational manager, the BdM explained that the fund is a portfolio of financial assets managed in accordance with the principles, rules, and procedures established by law. According to the central bank, the mechanism was created to ensure that revenues from oil and gas exploration contribute to the country’s social and economic development.
The BdM added that the Sovereign Wealth Fund (FSM) seeks to maximize the benefits of these revenues for the national economy, serving as a tool to stabilize the state budget during periods of volatility in oil revenues. Furthermore, it aims to create a solid foundation for savings and wealth accumulation for future generations.
The central bank also emphasized that the Sovereign Wealth Fund is owned by the state. Overall management rests with the government, while operational management is handled by the central bank, which invests the funds in the international financial market. The entire process is subject to internal and external audits.
In February, the International Monetary Fund (IMF) advocated for strengthening governance reforms to safeguard the integrity of the Sovereign Wealth Fund’s structure and ensure the efficient use of revenues from natural resources. Nevertheless, the institution considered that the model adopted by Mozambique is already in line with international best practices.
