Min Chinamasa tables SWF Bill

Minister Chinamasa

Minister Chinamasa

Zvamaida Murwira Senior Reporter
Finance Minister Patrick Chinamasa yesterday tabled the Sovereign Wealth Fund of Zimbabwe Bill in the National Assembly. The Bill seeks to establish a fund administered by a board whose objective is to secure investments for the benefit and enjoyment of future generations.

The Bill was read for the first time and National Assembly speaker, Cde Jacob Mudenda, referred it to the Parliamentary Legal Committee which scrutinises all proposed legislation to ensure it is consistent with the Constitution.

The Bill intends to support Government’s long-term economic and social development objectives. It supports fiscal/macro-economic stabilisation and supplements revenues when these are prejudiced by fluctuation of prices payable of minerals for the benefit of the Consolidated Revenue Fund.

Meanwhile, members of the National Assembly yesterday called for reparations for environmental damage done by foreign businesses.
They said this during debate on a motion introduced by non-constituency National Assembly representative, Cde Annastancia Ndlovu (Zanu-PF), who presented a report of the Conference of Parties of the United Nations Framework Convention on Climate Change.
The conference was in November 2013 in Poland.

Buhera West representative Cde Oliver Mandipaka (Zanu-PF) said there was need to capacitate traditional leaders on environmental protection.

“There is also need to look at our school syllabus so that teachers can impart knowledge to pupils on environment preservation,” he said.
Hatfield MP Mr Tapiwa Mashakada (MDC-T) said Zimbabwe should legislate against carbon emissions.

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  • logic

    Iri ndiro rinonzi dance ramapofu! Which wealth is being generated to soak away when you cannot even generate enough to pay your debts or pay for children to go to school among other pressing issues of defaulted payments that this government has been notorious for?

    If there is the wealth, pay down the debts and make us credit-worthy again so that those credit lines will re-open.Toda kunzwa zvinhu zvisvinu about how this government intends to manage the current day to day situation kwete policy announcements on illusionary wealth.

  • zenderamakoni

    yaa sovereign fund is well and good but where are the benjamins for it. there is no money so this is not a .priority. Address the rot that has beset the whole economy zim is one of the most expensive places in the world because the government has not recalibrated the way of doing business since the us dollar came online people simple transferred zim dollar values to us dollar as if its equivalent hence its always cheaper to import goods rather than manufacture goods locally. Private companies are also at it their price structures and the cost of doing business seriously skewed salaries and perks totally divorced from company/ parastatal performance hence the price and cost distortions. Wake up and sort things out. l9ower corporation tax, lower paye tax and increase vat because everyone has to shop and buy goods. Offer tax holidays to firms starting up and employing say 100 people on a graduated scale up to 0 tax for 1000 employee on new start ups. Government will still collect paye and other indirect taxes. Its a competitive world no one owes zim a living. Its time to think outside the box. Employee share ownerships are the way to go rather than the current thrust of indigenisation, its too narrow and not broad based and you can setup percentages over a 10 year period and achieve a more equitable wealth distribution than the current model. Look at what the the British did with their postal service recently.