MEPs consider the creation of a sovereign wealth fund in Mozambique to be an important step towards transparent management of natural gas revenues and the distribution of prosperity among the population. According to the head of the delegation from the European Parliament's Committee on Budgets, which ended a four-day visit to...
Tag: sovereign wealth fund
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Frelimo Caucus says Sovereign Wealth Fund needs more subsidies
Frelimo's parliamentary caucus yesterday defended the postponement of the debate on the bill creating the Sovereign Wealth Fund in order to deepen the debate. According to the head of Frelimo's caucus, Sérgio Pantie, who was speaking in the Assembly of the Republic at the close of the VII Session, this postponement is essentially aimed at gathering more...
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Bill to create sovereign wealth fund goes up for debate tomorrow
Tomorrow, Wednesday, Parliament will debate in general the bill to create a sovereign wealth fund in the country. According to Parliament's press release, the rationale behind the proposal, which aims to guarantee the use of gas revenues from the Rovuma basin for the country's development, will be presented to MPs by the Minister of Economy...
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Renamo contests the proposed creation of the sovereign wealth fund and wants an autonomous entity to manage it
Renamo, the main opposition party, yesterday contested the proposal to create a sovereign wealth fund for the country, arguing that it should be managed by an autonomous entity instead of the central bank. According to Renamo, the draft law deposited in parliament and awaiting discussion in the chamber, "does not create a mechanism...
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Civil society says sovereign wealth fund should be fed by revenues from all natural resources
Mozambican civil society organizations believe that it doesn't make sense for the country's future sovereign wealth fund to be fed only by hydrocarbon revenues and exclude profits from other natural resources. According to Fátima Mimbire, coordinator of the Civic Movement for the Sovereign Wealth Fund, at a time when the question of the transition...
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FS: NGO criticizes WB's absence from Parliament and says it "shows signs of a lack of transparency and disrespect for the sovereign body"
The Centre for Public Integrity (CIP), a non-governmental organization (NGO), says that the governor of the Bank of Mozambique, by once again gazetting a call from the Assembly of the Republic (AR) to give explanations on some aspects of the draft law that aims to create the Mozambican sovereign fund (FSM), shows his aversion to promoting...
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Governor of the Bank of Mozambique heard today in Parliament about the Sovereign Wealth Fund
The Governor of the Bank of Mozambique (BM), Rogério Zandamela, is going to the Assembly of the Republic (AR) today for a hearing on the draft law creating the Mozambique Sovereign Fund. Zandamela's presence in the AR was requested by members of the Planning and Budget and Constitutional Affairs, Human Rights and...
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CIP says that the sovereign wealth fund bill is dysfunctional to the proposed objectives
The Center for Public Integrity (CIP), a non-governmental organization (NGO), says that the government's proposed law on the Sovereign Wealth Fund (SWF) from gas revenues has weaknesses that could undermine the fund's intended objectives. Among the various weaknesses pointed out by the NGO, the following stand out: -THE SWF...
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The world's largest sovereign wealth fund loses more than 150 billion in 2022
Norway's sovereign wealth fund, the largest in the world, lost more than 150 billion euros in 2022 due to the poor performance of the financial market impacted by the war in Ukraine and the weakening of the global economy. "The markets have been affected by the war in Europe, high inflation and rising interest rates,"...
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Council of Ministers approves the creation of a sovereign wealth fund
The Council of Ministers yesterday approved the creation of the country's sovereign wealth fund, the capitalization of which should begin with this year's revenues from the Coral Sul platform, which began exporting gas from the Rovuma two weeks ago. The Mozambique Sovereign Fund (FSM) "aims to ensure that revenues from oil and gas exploration stimulate...