The International Monetary Fund (IMF) believes that parliament's approval of the Mozambique Sovereign Fund (FSM) is an important step towards ensuring "transparent and sound management" of natural resources.

In a statement announcing on Monday the approval of the third assessment of the assistance plan for Mozambique, allowing the disbursement of a new tranche of 60.7 million dollars for budgetary support to the country, the IMF stressed that the creation of the Sovereign Wealth Fund "was an important step towards ensuring transparent and sound management of the wealth of natural resources".

However, it warns of the need for "continued fiscal consolidation efforts to reduce borrowing needs and contain debt vulnerabilities".

"With inflation expectations well anchored, a more restrictive fiscal policy, and weak non-mining growth, there is room for a gradual easing of monetary policy," argues the IMF, quoted by Correio da Manhã.

On Monday, the Mozambican head of state, Filipe Nyusi, promulgated the law creating the WSF, which was approved in Parliament in December.

In a statement, the Presidency of the Republic said that the head of state had "promulgated and ordered the publication" of the law creating the fund, which will be financed with the revenues generated from the export of natural gas.

On December 15, parliament approved the creation of the FSM with revenues from natural gas exploration, which by the 2040s should reach 6 billion dollars a year.