The President of the Republic, Filipe Nyusi, has promulgated and ordered the publication of the Law creating the Sovereign Fund of Mozambique.
The law was passed last month by the Portuguese Parliament and submitted to the Head of State for promulgation, but he has verified that it does not contravene the Basic Law.
The Mozambique Sovereign Fund is an account that will receive revenues from the exploitation of non-renewable natural resources such as natural gas, in financial assets, with the aim of generating income and ensuring the sustainability of public revenues.
The Fund also provides for an accumulation of 40% of revenues from mineral resource exploitation projects in the first 15 years and 50% from the 16th year onwards.
The fund will be administered by a board of directors made up of three entities, namely representatives of the government, the Assembly of the Republic and civil society.
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