Saturday, June 15, 2024

Parliament establishes Sovereign Wealth Fund Supervisory Committee Selection Commission

The Mozambican Parliament held a meeting on Wednesday, May 22, to discuss various issues, including the creation of the commission in charge of selecting candidates to make up the Supervisory Committee of the Sovereign Fund (FS). This entity will have the crucial responsibility of managing the revenues from natural gas exploration in the Rovuma Basin.

According to the information released, the Supervisory Committee will be made up of nine members appointed by the Assembly of the Republic, representing various sectors of society, such as civil society, the business community, academia, professional bodies and religious associations. Each member will have a three-year mandate, which may be renewed once.

The main duties of this committee include monitoring revenues, deposits in the transitional account, the allocation of revenues in the State Budget and in the Sovereign Fund itself, as well as supervising the management of the SWF.

In addition to the Supervisory Committee, the Sovereign Fund, which will be managed by Banco de Moçambique, will also have an Investment Advisory Board, made up of seven members, whose role will be to advise the government on the SWF’s investment policy. The members of this board must have experience in the financial and executive sectors.

The President of the Republic, Filipe Nyusi, recently emphasized during the 19th Annual Private Sector Conference the importance of the Sovereign Wealth Fund as an instrument for raising standards of governance and transparency in public management. He stressed the need for collaboration between all those involved in order to guarantee benefits for future generations.

In the first quarter of this year, the State of Mozambique collected significant revenues from oil and natural gas exploration, which were fully invested in the new Sovereign Fund.

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