The Minister of Economy and Finance, Max Tondela, announced this Thursday that the bill that creates the Sovereign Fund is already concluded, one of the modern alternatives for an adequate and transparent management of the revenues from the extraction of natural resources.

The announcement was made shortly after the end of a parliamentary hearing on three bills to be considered by the Assembly of the Republic (AR).

"The proposal of the Sovereign Fund is already all concluded (...) and is being 'autopsied' by the Mozambique Economic Council," he said, quoted by the Mozambique Information Agency (AIM).

Bloomberg had reported a week ago, citing the Finance Ministry, that the sovereign wealth fund bill to manage future natural gas revenues will be submitted to Parliament later this year.

The Mozambican state will channel 40% of total oil and gas revenues into this fund for the first 15 years, and then begin to allocate 50% of revenues, revealed Bloomberg, which had access to the bill.

In an earlier version of this fund, from 2020, the goal was to split the revenues equally between the Mozambican government and the fund for the first 20 years in operation. Then this share would rise to 80%.

The Central Bank will manage the fund through an autonomous unit and may hire external managers, and will earn a management fee that cannot exceed 0.1% of the fund's capital and must be approved by the Minister of Finance.