MEPs believe that the creation of a sovereign wealth fund in Mozambique is an important step towards transparent management of natural gas revenues and the distribution of prosperity among the population.

According to the head of the delegation from the European Parliament's Committee on Budgets, who ended a four-day visit to Mozambique yesterday, the creation of a sovereign wealth fund can ensure that "gas revenues are well managed and add value".

José Manuel Fernandes was speaking at the end of a meeting with the Minister of Economy and Finance, Max Tonela, in Maputo.

"The establishment of a special account where the financial resources generated by natural gas extraction will be deposited will allow the funds to be channeled into development actions in favor of the Mozambican population," added José Manuel Fernandes, quoted by Lusa.

José Manuel Fernandes praised Mozambique for taking steps to modernize its economy and financial management, considering this action a pillar for attracting investment.

It should be remembered that the Portuguese Parliament has scheduled an extraordinary session for August 4 to begin examining the proposal to create the sovereign wealth fund.

Meanwhile, the Minister of Economy and Finance said at the meeting that the European Union (EU) has been a fundamental partner for Mozambique, through support in various areas.

"The European Union is Mozambique's main development partner, with an increasing contribution, but there is always room for improvement," said Max Tonela.