Civil Society Organizations (CSOs) argue that the members of the newly created Mozambique Sovereign Fund (FSM) should promote transparency and social inclusion, in order to guarantee effective and efficient management of the revenues from the exploitation of the country's vast natural gas reserves.

According to the representative of the Mecanismo Foundation for Civil Society Support, Teresinha da Silva, who was speaking this Wednesday (14) in Maputo during a meeting to reflect on the role of civil society in monitoring the Sovereign Wealth Fund, clarity in accountability is essential if the Fund is to boost the country's development.

"This potential can only be realized if there are clear mechanisms for transparency, accountability and citizen participation. If there is no citizen participation, there won't be a Sovereign Wealth Fund and without that we run the risk of repeating the cycles of explosion, mismanagement and inequality. This is where the role of civil society comes in. A civil society that is informed, organized and technically trained and is not just an observer," said Silva, quoted by the AIM.

Benilde Nhalivilo, a member of the Supervisory Committee of the Sovereign Fund, guarantees that the institution she represents is working to ensure that the fund is properly invested.

"We are all learning from this process. There are various currents and I believe that all these voices want this fund to be applied properly and we have this whole debate. So, at the moment I can't say whether it's being applied correctly, but what I must say is that we are precisely to ensure that this fund is applied correctly," he said.

"I think they are following the debate on the 60% for the Budget, 40% for the Sovereign Fund and I believe that in a short time we will have more conclusive information on what we think about the application of these funds in this first phase," he added.

For her part, social activist Fátima Mimbire believes that the Sovereign Fund should not have an Investment Advisory Board, as it already has a policy that stipulates in which areas the allocated amount should be invested.

"I don't see the point of this body within the Sovereign Wealth Fund. Why? The Sovereign Wealth Fund has a so-called investment policy. The investment policy already guides where it will be allocated or where it will be invested, where the money from the Sovereign Fund is allowed to be invested."

Created in 2024, the Sovereign Wealth Fund aims to manage the financial resources from gas exploration. The WSF began operating in April with the approval of the regulations that materialize it.

(Photo DR)