Mozambique: SWF to have tripartite management: Central Bank, Ministry of Finance and Parliament – report

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Mozambique: SWF to have tripartite management: Central Bank, Ministry of Finance and Parliament – report

2:54 CAT | 05 Nov 2020

File photo: Notícias

Mozambique’s sovereign wealth fund will be jointly controlled by the Assembly of the Republic, the Ministry of Economy and Finance and the Bank of Mozambique, TVN reports.

According to the central bank, an independent auditing body will be selected to ensure that revenues from natural resources are managed in a transparent manner.

The date on which the proposal for the creation of the sovereign wealth fund will go to the Assembly of the Republic has not yet been confirmed, but it is already known that the fund for the management of revenues from the exploitation of natural resources will follow a triangular structure comprising the Assembly of the Republic, the Ministry of Economy and Finance, and the Bank of Mozambique.

The proposal to create the sovereign wealth fund presented by the Bank of Mozambique on Tuesday includes the budget management plan for the next 20 years.

In order to ensure savings and a transparent management of funds for future generations, the sovereign wealth fund will also be subject to regular independent audit.

The meeting in Maputo was attended by members of the Assembly of the Republic, civil society, the private sector and diplomatic corps accredited in Mozambique.

Source: TVM