The draft law creating the Mozambican Sovereign Fund provides for an accumulation of 40% of revenues from mineral resource exploration projects in the first 15 years and 50% from the 16th year onwards.

The plan is to finance the remainder from the state budget.

Annual gas exports could amount to around 91.7 billion dollars over its lifetime.

Presenting the document to parliament, the Minister of Economy and Finance, Max Tonela, pointed out that mineral resources are finite, and that there is therefore a need for policies that guarantee their benefit for future generations and address their sustainable management.

"Setting aside a portion of this revenue will reserve financial resources that will benefit future generations," he said.

In the government's view, the Fund, whose management will be the responsibility of the Central Bank, should include an independent supervisory committee made up of representatives of civil society, businesspeople, academics and religious associations, which should report directly to the Assembly of the Republic (AR); an investment advisory board made up of politicians and financiers; and independent members who report to the government.

"The proposal provides for accountability mechanisms with reports made public by the government and the Bank of Mozambique, to ensure full transparency and public access to information and independently audited annual accounts," considered by the RA.

According to Tonela, Mozambique's Sovereign Wealth Fund is structured to meet the needs of Mozambicans in a transparent way, and "in line with international best practices".

Today the National Assembly considered the draft laws creating the Sovereign Fund of Mozambique; the Economic and Social Plan and the State Budget for 2024; and the revision of the Military Service Law.

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