Mozambique parliament passes SWF law

New fund will absorb oil and gas revenue in line with IMF conditions

Bank of Mozambique
J Cornelius

Mozambique’s parliament passed a law establishing a sovereign wealth fund on December 15, voting 165-39 to approve the government’s legislative proposal. 

The Sovereign Fund of Mozambique (FSM), will accumulate revenue from natural gas reserves, a measure the government agreed with the International Monetary Fund. The central bank, the Bank of Mozambique, will be “operational manager” of the fund. 

Finance minister Max Tonela told parliament that the natural gas deposits could generate $91.7

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