On Tuesday (12), the government approved, in the Council of Ministers, the regulations for the Mozambique Sovereign Fund (FSM), the implementation of which will begin next month. It is a regulation that materializes the Law creating the FSM, approved last December by the Assembly of the Republic (AR). "Our expectation is that all the work relating to...
Tag: sovereign wealth fund
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Bank of Mozambique could start managing the Sovereign Wealth Fund next month
The Bank of Mozambique (BdM) could be legitimized as the operational manager of the Sovereign Fund at the end of February or beginning of March, through an agreement to be signed between the financial institution and the government. According to the national director of Economic Policies and Development at the Ministry of Economy and Finance (MEF), Enilde...
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IMF: "Creation of the Sovereign Wealth Fund is an important step towards transparent management for Mozambique"
The International Monetary Fund (IMF) believes that parliament's approval of Mozambique's Sovereign Wealth Fund (SWF) is an important step towards ensuring "transparent and sound management" of natural resources. In a statement on Monday, the IMF announced the approval of the third assessment of the assistance plan for Mozambique, allowing the disbursement of a new...
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PR enacts law creating Sovereign Wealth Fund
The President of the Republic, Filipe Nyusi, has promulgated and ordered the publication of the law creating the Mozambique Sovereign Fund. The law was approved last month by the Assembly of the Republic and submitted to the Head of State for promulgation, but he has verified that it does not contravene the Fundamental Law. The Sovereign Fund of...
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Parliament approves bill creating Mozambique Sovereign Fund
The Assembly of the Republic (AR) has just approved the bill creating the Mozambique Sovereign Fund. The act was approved by 165 Frelimo MPs, while 39 from the Renamo and Mozambique Democratic Movement benches voted against it. There were 204 MPs present in the chamber, out of 250...
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Sovereign Wealth Fund: Government plans to save 40% from gas exploration revenues
The draft law creating the Mozambican Sovereign Fund provides for an accumulation of 40% of revenue from mineral resource exploration projects in the first 15 years and 50% from the 16th year onwards. The plan is to finance the state budget with the remainder. Annual gas exports...
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Government to take Sovereign Fund to parliament again in October
Next October, the government will once again submit to Parliament the bill on the Sovereign Wealth Fund, which is expected to raise one billion dollars annually from natural gas revenues. According to the notice for the 8th ordinary parliamentary session, which will take place from October 19 to December 21,...
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New Sovereign Wealth Fund proposal aims to raise $1 billion a year
The Minister of Economy and Finance announced on Wednesday that the Sovereign Fund of Mozambique (FSM), the creation of which is to be voted on in parliament this week, is expected to raise one billion dollars annually within ten years from revenues from natural gas exploration. Max Tonela, questioned in parliament by members of the first Constitutional Affairs committee,...
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Sovereign Wealth Fund Bill to be debated tomorrow
The new draft law creating a Sovereign Wealth Fund will be debated tomorrow in Parliament in an extraordinary session. To this end, the government submitted the revised proposal today. In the new instrument submitted today by the government, all the suggestions from the three parliamentary benches have been taken on board, according to the Minister of Economy and Finance,...
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Sovereign Wealth Fund aims to save dividends for future generations, not pay off state debts
The Sovereign Wealth Fund aims to "accumulate savings for future generations" with oil and natural gas revenues, but will not be used to guarantee loans taken out by the state. In its governance structure, the Fund is intended to make full use of the country's existing institutions, guided by the principles of good governance, transparency, accountability,...