Mozambique has channelled US$210 million into its Sovereign Wealth Fund (FSM) by June 2025, surpassing the total contributions made in the whole of 2024!
According to the Ministry of Finance, the amount includes US$164.69 million from last year and US$45.24 million from the first half of this year.
The revenues were deposited in a transitional account at the Bank of Mozambique, in line with legislation creating the Fund, which was established in January 2024 to manage natural gas earnings expected to reach US$6 billion annually by the 2040s.
Oversight Committee chairman Emanuel Chaves has pledged transparency and accountability in the management of the fund, stressing that 40% of natural gas export revenues must be deposited and used responsibly. With over 30 years of experience in civil aviation and academia, Chaves said the committee would also study international sovereign wealth fund models to define the best practices for Mozambique. Civil society groups, however, have raised concerns over the government’s management of the fund, warning against political interference and misuse.
The Civic Movement on the Sovereign Fund has strongly criticised the government’s decision to allocate part of the fund for social projects under the 2025 State Budget, calling it illegal and a violation of the law establishing the FSM. Despite the opposition, the budget earmarks resources from the fund to support 15 initiatives, including nationwide vaccination programmes, agricultural support for nearly half a million households, water infrastructure expansion, textbook distribution for primary schools, and the construction of new educational facilities. Critics argue the government has not provided adequate justification for diverting the 40% share of revenues, leaving questions about transparency and legality unresolved.