Cash in circulation in Mozambique exceeds 67 billion meticais
Technical Opinion on the Proposal for the Regulation of the Sovereign Wealth Fund of Mozambique
8:17 CAT | 06 Mar 2024
The Mozambican government has until March 9, 2024, to complete the regulation of the Law creating the Mozambique Sovereign Wealth Fund (FSM), approved last December and published on January 9, 2024.
The regulatory process includes the production of the Investment Policy, the Operational Management Model contract / agreement to be signed with Bank of Mozambique, and the Organic Statute of the Supervisory Committee.
The Ministry of Economy and Finance (MEF), mandated by the Council of Ministers, produced a draft regulation which was shared with Civil Society Organizations (CSOs) and different stakeholders for comments.
Civil Society (CS) did not receive the other documents. Instead, the MEF shared a presentation summarizing the philosophy of the FSM’s investments and the general terms of the management contract, without any details that would allow for an in-depth analysis and a consistent opinion.
N’weti, together with the CSOs following the process of creating the FSM, produced an analysis of the FSM proposal which was discussed with the MEF at a technical working meeting.
Issues relating to the methodology for calculating revenue projections and the transfer of resources from the single FSM Account (CUF) to the CUT-OE (Single Treasury Account – State Budget) still need to be discussed.
SC will publish a detailed commentary on the regulation separately. This document is a technical opinion on the draft Regulation of the FSM Law, regarding the calculation methodology and the implications of the provisions of the FSM Law and its draft regulation on transfers.
This document is only available in Portuguese, HERE.
Source: Movimento Cívico sobre o FUNDO SOBERANO, Nossa Riqueza, Nosso Futuro - Press Release
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