The first shipment of liquefied natural gas, produced in the Rovuma basin, northern Mozambique, will take place very soon, but the absence of the so-called Sovereign Fund, to manage the revenues from this resource, worries several sectors of public opinion, for allegedly putting into question the issue of transparency. There are also concerns about the Law of the...
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June 25, 2022June 24, 2022Oil & Gas
Government wants inclusion in the drafting of the proposed Sovereign Wealth Fund Law
The government reiterates that it will involve all segments of society in the analysis of the proposal of the Sovereign Wealth Fund Law, in order to elaborate the best model for Mozambique. The document should be shared with all the parties, and later submitted to the Parliament for consideration. The Ministry of Economy and Finance also reaffirmed...
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Civil society defends the creation of a sovereign fund before gas exploration
Mozambican civil society organizations on Wednesday advocated the creation of a sovereign fund before the start of production of liquefied natural gas from Rovuma, to allow the revenues to be used for the country's social and economic development. "We are of the opinion that Mozambique cannot start exploiting [the natural gas from the...
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Creation of sovereign wealth fund in Mozambique still an uncertainty
Economy and Finance Minister Max Tonela, during his recent visit to Washington, said the government intends to establish a sovereign wealth fund as it prepares to begin natural gas exports, which could generate revenues of $96 billion. To VOA's report, economist Nuno Castel Branco...
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USD 96 billion Sovereign Wealth Fund could be completed this year
The formalization of a "Sovereign Wealth Fund" valued at $96 billion in Liquefied Natural Gas (LNG) exploration revenues could be completed by the end of this year, according to Economy and Finance Minister Max Tonela. The authorities are in the process of finalizing the draft legislation that will govern the...
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Civil society demands greater public participation in the debate over the sovereign wealth fund
The Civil Society Movement for the Sovereign Wealth Fund of Mozambique defends greater public participation in the public consultation process carried out by the Bank of Mozambique on the creation of the reserve. According to the coordinator of that civil society consortium, Fátima Mimbire, the public consultation process was almost opaque and excluding, because the communities of the areas...
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Government wants to allocate funds for sovereign insurance against natural disasters
The president of the National Institute for Disaster Risk Management (INGD), Luísa Meque, said recently that the country has already taken significant steps towards establishing a sovereign fund against natural disasters
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World's largest sovereign wealth fund sets record and adds another $100 billion
Norway's sovereign wealth fund, valued at $1.4 trillion and thus considered the world's largest, managed to raise an additional $110 billion in the first half of the year