Members of wealth fund supervisory committee take office

Maputo, 22 Aug (AIM) –The Mozambican parliament, the Assembly of the Republic, on Wednesday swore into office the nine members of the Supervisory Committee of the country’s Sovereign Wealth Fund.

The Committee 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.

It will also oversee the revenue achieved in the first 15 years of the operation of the sovereign wealth fund, of which 40 percent is earmarked for the fund and 60 percent for the State Budget.

The committee will report directly to the Assembly through a quarterly statement.

Speaking at the swearing-in ceremony, the chairperson of the Assembly, Esperança Bias, challenged those in office to carry out careful management so that the fund may grow and contribute to the country’s development.

“I hope you bear in mind that the resources belong to all Mozambicans and the benefits must be shared equally by everyone, including future generations. You must ensure that the resources are not a curse, but a blessing through your professionalism in line with the promotion of ethical principles and good practices”, she said.

For his turn, the Committee’s representative, Mussa Suefe, said that the members must use their competence for the good functioning of the body, seeking out experiences in other countries that have set up successful sovereign wealth funds.

He also challenged the members to bring cohesive management and to try to eradicate poverty, ensuring that the fund contributes to the country’s development.

The nine personalities chosen by the Assembly’s deputies are:

Benilde Nhalivílio and Estrela Eduardo, from Civil Society; Inocêncio Paulino, from the business community; academics Emanuel Chaves and Alcides Novela; lawyer Celestino Sitoe, from the Mozambican Bar Association (OAM), Altino Mavile, representing the Mozambican Association of Accountants and Auditors; and António Sandramo and Mussa Suefe, from the religious community.

(AIM)

Ad/pf (325)