Mozambican non-governmental organizations (NGOs) on Friday called it "urgent" for parliament to approve a sovereign wealth fund to channel the revenues from gas from the Rovuma basin, the first export of which began on the 13th. "The sovereign wealth fund is urgently needed, it must be implemented quickly," said Stiven Ferrão, advocacy manager for the Association of...
Tag: sovereign wealth fund
Post
Experts worried about natural gas exploration without sovereign wealth fund
Mozambican specialists say they are indignant that the country, which will soon start receiving the first revenues from the exploration of liquefied natural gas in Cabo Delgado, does not yet have a sovereign fund capable of guaranteeing the transparent management of these resources. Mozambique hopes to make its first natural gas export this month...
Post
Natural gas exploration without sovereign wealth fund concerns Mozambican specialists
Mozambican specialists say they are indignant that the country, which will soon start receiving the first revenues from the exploration of liquefied natural gas in Cabo Delgado, does not yet have a sovereign fund capable of guaranteeing the transparent management of these resources. Mozambique hopes to make its first natural gas export this month...
Post
Mozambican Sovereign Fund bill foresees the participation of civil society
The draft law of the Sovereign Wealth Fund of Mozambique (WSF) provides for the participation of civil society in the control of accounts, along with a number of surveillance mechanisms, reads the document consulted yesterday by Lusa. "The Supervisory Committee of the WSF is an independent body, of the Assembly of the Republic, and integrates representatives of the society...
Post
Mozambican Sovereign Wealth Fund to start this year's Rovuma gas revenues
The draft law on the Sovereign Wealth Fund of Mozambique (WSF), to be sent to parliament, provides that capitalisation will start with this year's revenues from the Coral Sul platform, which began extracting gas from Rovuma in June. The proposed law should be considered by the parliament until December, according to the memorandum between the government and the FSM...
Post
Mozambique drops gas tax revenues to sovereign wealth fund to 40%
Mozambique has lowered the proportion of gas tax revenues that it will allocate to the sovereign wealth fund it is preparing, down from 50% to 40% in the first fifteen years, reports Lusa citing the Bloomberg financial information agency. Draft legislation that has not yet been approved indicates that 40% of tax revenue from the...
Post
Sovereign Wealth Fund Bill Concluded
The Minister of Economy and Finance, Max Tondela, announced this Thursday that the bill that creates the Sovereign Fund, one of the modern alternatives for an adequate and transparent management of the revenues from the extraction of natural resources, is already concluded. The announcement was made shortly after the end of a parliamentary hearing on three...
Post
Parliamentary commission says Sovereign Wealth Fund is not a "magic wand" for solving problems
The Planning and Budget Committee of the Portuguese Parliament argued yesterday, Monday, that the sovereign wealth fund from mega-project revenues should be tailored to governance priorities, warning that the initiative is not a "magic wand". "The revenues from mega-projects should not be seen as a magic wand for solving structural problems...
Post
Analysts argue that the Sovereign Wealth Fund should not serve the interests of the elite
The Minister of Economy and Finance, Max Tonela, faced with pressure from civil society for the creation of the Sovereign Fund, guaranteed that it will be constituted by the end of 2022. But experts argue that the fund should serve to mitigate the impact of price volatility in the international market and not to finance the elites...
Post
Sovereign Wealth Fund to be approved this year
It was during a meeting last Friday with journalists that the Minister of Economy and Finance, Max Tonela, assured that the proposal for the creation of a sovereign fund of Mozambique based on revenues from natural resources should be approved by the end of the year. The process "is proceeding at an accelerated state, and the...