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 of the ruling party.

The process "is proceeding at an accelerated state and the prospect is that the government will be able to appreciate the proposal" and send it for approval in parliament, "even before the reopening" of the second plenary session of 2022, in October. Thus, the fund may be "approved during the course of this year," said Max Tonela.

It should be noted that a floating platform off Cabo Delgado began preparing for gas extraction about a month ago, and the first export of natural gas from the Rovuma reserves, classified among the largest in the world, is expected soon.

The Bank of Mozambique and non-governmental organizations have advocated as an ideal scenario that the sovereign fund be established before the country starts receiving revenues from the Rovuma gas, in time to create technical and institutional capacity in natural resource management.

Meanwhile, there are fears in some circles of opinion that the Sovereign Wealth Fund will be turned into a blue bag for some political figures, similar to what happened with Social Security.

"The Sovereign Fund should not finance the Frelimo bourgeoisie, but ensure that Mozambicans benefit from the revenues of the extractive industry," argues analyst Rui Cardoso to VOA, adding that the creation of this fund should be an opportunity "for us to define the future of the country and for the resources to be available, in a sustainable way for the next generations."

For the economist Hipólito Hamela, the Sovereign Fund should have already been created, and this would minimize the impact of the volatility of the main commodities in the international market, which in Mozambique has been quite serious, especially for the vulnerable social fabric.

Community involvement

"We have to save. We have already seen what the effect of the variation of raw material prices in the world market is," said that economist.

Economist Eduardo Sengo believes that the main goal of the Sovereign Wealth Fund is to create wealth for future generations, so it is essential that it follows international transparency indicators.

"But," Sengo stresses, "we need to deepen the discussions about what should be the best policies regarding natural resources, assessing what needs to be done in terms of reforms and for local communities to feel more involved in this process."

"Reforms, argues sociologist João Colaço, should not allow the accumulation of wealth by a small group, to the disadvantage of the majority of needy Mozambicans, because this can result in a violent social explosion."

The Sovereign Wealth Fund will also receive revenues from reserves of coal, heavy sands, titanium, and other high-value minerals exported by Mozambique.

The creation proposal written by the Bank of Mozambique and released in 2020, foresees two objectives, "accumulate savings" and "contribute to the fiscal stabilization of the country," with transparency and accountability rules. The fund should go through a maturation period until the twentieth year.