Economy and Finance Minister Max Tonela, during his recent visit to Washington, said the government intends to establish a sovereign wealth fund as it prepares to begin natural gas exports, which could generate revenues of $96 billion.
To VOA's report, economist Nuno Castel Branco says that this "is fallacious, because you can't establish a fund without revenues," while other experts warn of the dangers due to the lack of transparency in the management of public affairs in the country.
The debate about the creation of a Sovereign Fund in Mozambique has been going on since 2020, in a process led by the Bank of Mozambique, which argues that it is necessary to move forward now to its creation.
"We still have enough time to think about all aspects and learn from other countries' experiences, so that when we have money, we will not think about the sovereign wealth fund," said Jamal Omar, administrator of the Central Bank.
For economist Nuno Castel Branco, it is inopportune to create a sovereign fund without revenues, stressing that the issue is not to get the fund off the paper, but the big problem is to have revenues.
"The idea that the Mozambican State is going to raise $34 million this year is not at all reasonable, especially because large investments in Mozambique have many tax incentives," notes that economist.
Castel Branco says that, in addition, the country has huge unpaid debts, and with this, in the short term, the sovereign wealth fund will not have resources.
"That is a fallacy, unless it receives external funds, but that is no longer sovereign wealth funds," he concludes.
The governance structure of the sovereign wealth fund foresees three entities, namely, the Parliament, the Ministry of Economy and Finance, and the Bank of Mozambique.
For his part, the opposition Renamo MP, José Manteigas, says he does not understand why the Assembly of the Republic has not yet pronounced itself on this matter, since it is the Parliament that should approve the law establishing and regulating the functioning of the sovereign wealth fund.
The parliamentarian says that there have been debates, but the Assembly of the Republic has participated as a simple participant, "and I think that it is the Parliament that should take this issue upon itself, but, unfortunately, there is no sign indicating that this matter can be scheduled for consideration.
For his part, economist Carlos Cossa says that a sovereign wealth fund is welcome, to help the country cope with different extreme events, "but I don't know if this fund will be viable or not with the situation in Cabo Delgado not yet stabilized.
However, some civil society organizations, including Nweti, Terra Viva, and CIP, consider that the participation of communities in these matters continues to fall short of expectations.
For Nelson Alfredo, from the Terra Viva organization, "it was important to maximize more the issue of community consultations, the creation of adequate spaces so that the citizens can effectively participate in decision making about the natural resources that occur in our country.
Political analyst Manuel Alvez says that Mozambicans should not be content with just creating a sovereign wealth fund, the big question is how we use this fund, "and I have serious doubts about how it will be managed.
"Our country has many problems of public management, lack of transparency, and this will affect the functioning of the sovereign wealth fund," stresses the political analyst.
The Center for Public Integrity (CIP), meanwhile, argues that the government should start establishing the sovereign wealth fund now, as a way to prepare to manage large volumes of revenue that will result from the exploitation of natural resources.