Concerns that the Fed will have to wrestle with elevated inflation for a long time slowed this week’s rally
In energy matters, the government appears enslaved by ‘first world’ norms and standards
The accused were arrested as part of a Hawks operation to nab alleged instigators who incited public violence during looting and destruction in 2021
Nedbank failed to comply with certain provisions the Financial Intelligence Centre Act
Mudiwa Gavaza is joined by Larry Masson, a financial adviser and franchise principal at Consult by Momentum.
Parent company London-listed Pearson Plc said the disposal was part of a strategic review.
US attorney-general Merrick Garland has asked a judge to unseal the search warrant for Trump’s home
Top swimmers have a rivalry that could develop into one of SA sport’s greatestt
Rushdie’s condition is not immediately known
Maputo — Mozambique published its proposed model for a sovereign wealth fund as it prepares to reap as much as $96bn — more than six times the size of its current GDP — from liquefied natural gas projects that companies including Total are building.
The developments, which are the biggest private investments yet in Africa, could make Mozambique the continent’s second-biggest producer of the fuel. The central bank laid out plans for how the fund may function and which institutions it will report to. The proposal anticipates that the $96bn will accumulate over the lifetime of the projects.
The fund will build up savings and contribute to fiscal stability when commodity prices fluctuate, according to the document published on the Bank of Mozambique’s website on Monday. Legislators would regulate the fund with the ministry of economy and finance managing it. The central bank will manage the fund’s operations and implement its investment policy.
The government will need to deal with escalating violence in the northern Cabo Delgado province where the projects are located before it enjoys the full benefits. Fighters linked to Islamic State (IS) in August seized the port town of Mocimboa da Praia — about 60km south of where Total is spending $20bn on its project. It’s not clear when the state will regain control.
The final proposal will be sent to the government after considering public comments. The southeast African nation plans to have it operating before revenue from LNG starts to flow, with first production due in 2022 from the smallest of the three projects planned.
Would you like to comment on this article? Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.