On Tuesday 20 August, the Mozambican President, Esperança Bias, swore in the members of the Supervisory Committee of the Mozambican Sovereign Fund (FSM), the entity responsible for managing the revenues from the exploitation of natural gas in the Rovuma basin in Cabo Delgado province.
These are nine members of Mozambican society, elected on 31 July by Parliament, representing various social groups. The duties of the Supervisory Committee are to control and monitor matters relating to revenue, deposits in the transitional account, the allocation of revenue to the State Budget and to the Fund and to supervise its management.
‘The approved group is made up of Benilde Nhalivilo and Estrela Charles, representatives of civil society; Inocêncio Joaquim Paulino, from the business community; Celestino Pedro Sitoe, from the Bar Association; Altino Xavier Mavile, from the Order of Accountants and Auditors; António Juliasse Sandramo and Mussa Suefe, from religious associations; and Alcides Malavone Nobela and Emanuel José da Conceição, as representatives of academia,’ said the statement issued by Parliament.
In addition to a Supervisory Committee, the Sovereign Fund, to be managed by the Bank of Mozambique, will also have an Investment Advisory Board, a body that consults the government on the Investment Policy of the SWF, which will be made up of seven members, including financial experts and independent members of the Executive, with experience in managing investment portfolios.
They must also have held executive positions in companies in the financial sector, including public companies, the Bank of Mozambique or international financial organisations, or be or have been academics at universities or higher education institutions.
On 15 December Parliament approved the creation of the FSM with revenues from natural gas exploration which, by the 2040s, should reach 6 billion dollars annually.
