The reserve fund of the National Social Security Institute (INSS) exceeded one billion dollars in June, double the amount of the last five years, the government has announced.

"It's important to note that over the five-year period, investment income has exceeded projected income, with an accumulated execution of investment income in this period of around 127%," said the Deputy Minister of Labor and Social Security, Rolinho Farnela.

Fernela was speaking at the opening of the INSS national meeting in Maputo, taking stock of the last five years (2020 to 2024).

He added that from 2020 to the first half of 2024, the INSS Reserve Fund 'doubled' from 34 billion meticais to around 72 billion meticais 'surpassing the one billion US dollar mark'.

"In this way, we continue to guide the INSS towards safe and profitable investments as a way of guaranteeing the system's sustainability in the medium and long term," he said.

In the same speech, he highlighted the approval of the new Investment Policy and Strategy for 2021 to 2025, "which establishes the principles and criteria that guide investment decisions, having defined new allocation levels for each financial instrument and the respective profitability".

He also pointed out that in the five-year period now ending, the government planned to enroll 67,000 taxpayers and 457,927 beneficiaries, "with 61,863 taxpayers and 406,989 beneficiaries already enrolled, corresponding to achievements so far of around 92.3% and 88.9%, respectively."

"In cumulative terms, the system currently has 2,610,356 beneficiaries and 179,797 contributors," the deputy minister announced. (Source: TVM)