Government expects to collect about 76.8 million dollars in gas revenues

Maputo, 19 May (AIM) – The Mozambican government expects to collect about 76.8 million US dollars this year from Liquefied Natural Gas (LNG) exploration revenues.

According to Carla Louveira, Minister of Finance, speaking at a seminar held on Monday, in Maputo, about 30.7 million dollars of this amount will be channeled to the country’s Sovereign Wealth Fund and “the remainder will be allocated to the State Budget to fund the expenditures foreseen in the Economic and Social Plan and State Budget (PESOE-2026).”

“The success of the Sovereign Fund depends not only on financial resources, but above all on the robustness of institutions, the quality of governance, technical competence, the integrity of processes and the trust of our citizens”, she said.

“The Sovereign Fund Law established a governance architecture that includes parliamentary oversight, independent auditing, monitoring, and periodic publication of information”, she added.

The minister also revealed that the government collected 109.9 million dollars from gas production. “Public trust is built on transparency, accountability, effective oversight, and informed public participation”, she said.

According to Louveira, the resources from piped gas allocated to the State Budget are subject to accountability mechanisms through quarterly, semi-annual, and annual reports of the General State Account, submitted to the parliament and the Administrative Tribunal.

The government, she said, intends to ensure that the Sovereign Wealth Fund is managed with high standards of professionalism, responsibility, and strategic vision, transforming it into an instrument of economic stability and sustainable development.

“The Sovereign Fund should not be seen merely as a financial reserve of the State. It is also a strategic instrument of public policy, with a direct impact on the country’s financial review and the resilience of the national economy in the face of internal shocks”, she said.

The minister also praised the support of the Norwegian government, experts, and partners who have collaborated with Mozambique by sharing relevant international experiences. “Mozambique is at a crucial moment in its economic trajectory. The beginning of the monetization of natural gas resources represents a historic opportunity to accelerate the country’s economic and social development,” she said.

For his part, the assistant director and coordinator of the Bank of Mozambique, Cláudio Mangue, highlighted the need for the elaboration of the Sovereign Fund investment master plan, “which will allow us to implement the strategy for the application of resources.”

“We propose, in good faith, a proactive management to ensure that the amounts did not remain idle”, he said.

(AIM)

MR/Am/