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 for all of Mozambican society to know where the money is".

At a press conference, Alfredo Magumisse, deputy head of the Renamo caucus, criticized the fact that the proposal was based on a single account with the Bank of Mozambique.

Thus, for this opposition party, there should be "an entity that has administrative, financial and patrimonial autonomy" and that provides information to everyone about the money deposited in the Mozambique Sovereign Fund (FSM).

Alfredo Magumisse recalled that Mozambicans still remember the case of the state's hidden debts and that this calls into question the idea of placing the WSF in the hands of a single state entity.

"We remember the hidden debts. The Bank of Mozambique does not represent reliability so that Mozambicans can trust that the money will be properly spent and saved for future generations," he added.