Maputo, 5 Jun (AIM) – The chairperson of the Ad-Hoc Committee to select candidates for membership of the Supervisory Committee of Mozambique’s sovereign wealth fund, Vitória Diogo, has admitted it is a difficult task to choose the individuals who will be part of this body.
The law, which creates the sovereign wealth fund, was approved in December by the Assembly of the Republic, Mozambican Parliament. The deadline for selecting candidates for the nine member Supervisory Committee was set for 30 June.
A public tender to fill the vacancies could be announced within the next two weeks.
According to Diogo, who was speaking to reporters on Tuesday, in Maputo, the Committee has a huge responsibility, including controlling and monitoring the quarterly and annual reports and accounts, as well as overseeing the revenues achieved in the first 15 years of the sovereign wealth fund operation.
Diogo explained that 40 percent of the revenues are earmarked for the Fund and 60 percent for the State Budget. The Committee will have the mission of controlling the deposits of revenues in the transitional account, as well as the allocation to the OE.
“Therefore, it is a very delicate mission and a great responsibility to select from among the many Mozambicans who have the capacity to fulfill this role, those who will go to the Supervisory Committee. We have to bear in mind that we are looking not only at this generation that is producing these resources, but especially at the generations to come”, Diogo said.
The Commission will control sovereign wealth fund revenues from the production of liquefied natural gas from offshore areas 1 and 4 of the Rovuma Basin, in the northern province of Cabo Delgado.
In addition to overseeing the sovereign wealth fund revenues and the tax base for calculating revenues from the exploitation of oil resources and Corporate Income Tax, the Supervisory Committee must monitor the taxation of capital gains, production bonuses and production sharing from profit oil.
Questioned about the profile of the candidates to be selected by the Ad-Hoc Committee, Vitória Diogo explained that the Supervisory Committee will be made up of individuals from a variety of backgrounds.
“That’s why people are coming from NGOs, the Mozambican Bar Association, academia and religious denominations. It’s been opened up and what we want is for them to be suitable Mozambicans”, she said.
(AIM)
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