The President of the Commission for Constitutional Affairs, Human Rights and Legality of the Parliament, António Boene, defended the strengthening of the mechanisms of inspection and supervision of revenues from the extractive industry in the country.
Speaking on the sidelines of the consultation meeting on the Sovereign Fund Creation Bill, António Boene said that the current scenario demands enormous challenges, particularly in the management of revenues from the exploration activity of natural resources and, because they are exhaustible resources, it is necessary that the country is properly prepared.
“It is fundamental to guarantee that the revenues from these activities are able to contribute in a structuring way to the Country’s economic transformation, opening space to finance other areas of development,” stressed the source.
The draft law foresees that the Sovereign Fund will be capitalized in the first 15 years with 40% of the revenues from gas and oil, with 60% coming from the State Budget (OE).
It also clarifies that the Fund cannot serve as a guarantee for loans (as happened with sovereign guarantees in the case of hidden debts), nor can it finance political or party activities.
The Parliament will be responsible for the governance of the Sovereign Fund, to which it must be accountable, and which, through a committee, may always request information from the Executive, through the Ministry of Finance and the Bank of Mozambique.