Saturday, June 15, 2024

PR highlights sovereign wealth fund’s role in managing gas revenues

The President of the Republic of Mozambique, Filipe Nyusi, reiterated his commitment to transparency and governance when discussing the creation of the Mozambique Sovereign Fund (FSM) during the 19th edition of the Annual Private Sector Conference (CASP).

Nyusi emphasized that the creation of the FSM, fed by revenues from natural gas exports, is a clear demonstration of the country’s commitment to raising standards of governance and transparency in public management. He stressed the importance of collaboration between all stakeholders to ensure that the fund benefits future generations.

During the event, the Ministry of Economy and Finance revealed that in the first quarter of 2024, the state collected 5.9 billion meticais (equivalent to 94.2 million dollars) in revenues from oil and natural gas exploration, an amount that was fully invested in the new Sovereign Fund.

The Deputy Minister of Economy and Finance, Amílcar Tivane, said that the FSM would be operational in April, once its regulations had been approved. This regulation defines the procedures for ensuring the transfer of resources associated with the exploitation of liquefied natural gas, setting specific proportions for the State Budget and the Sovereign Fund account for the first 15 years.

CASP, organized by the Confederation of Economic Associations (CTA), aims to discuss the progress and challenges of the Package of Economic Acceleration Measures, as well as debating the conditions of the business environment to make the country more competitive. The event will be attended by foreign businesspeople, government representatives and various experts, reflecting the importance of public-private dialogue for Mozambique’s economic development.

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